GS Holdings to raise $2.3 mil from private placement for hospitality industry expansion

SINGAPORE (June 15): GS Holdings has entered into a placement agreement to raise $2.28 million by selling 8 million new shares of the company at 28.5 cents to private investor Lee Sai Sing.

The rationale for the proposed placement is to raise funds for the expansion of the group’s dishware washing operations in the hospitality industry, following its contract win from Suntec Singapore Convention & Exhibition Centre, says GS Holdings.

The placement price represents a discount of 9.95% to the volume weighted average price of 31.65 cents for trades done on Monday.

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