George Goh, the founder of Harvey Norman Ossia and group chairman of Singapore Exchange S68 (SGX)-listed Ossia International O08 , announced that he will be running for president in Singapore’s upcoming elections on June 12.
This year’s presidential election will be an open one. Prospective candidates who wish to stand for this election will have to submit an application to the Presidential Elections Committee (PEC) for a certificate of eligibility.
Applicants will need to be a “person of integrity” and have a “good character and reputation”. He or she will also need to meet the relevant public or private sector requirements. Candidates from the private sector will need to come from companies with an average shareholders’ equity at or above $500 million. He or she will also have to have served as the company’s CEO for at least three years and within the past two decades. Candidates must also be aged 45 years or older.
As at March 31, Goh’s company, Ossia International, has a total shareholders' equity of $54.9 million.
Ossia International was established in 1982 and listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on Nov 20, 1996.
The group is a regional distributor and retailer of several brands such as Kangol, True Religion, Tumi, Columbia and Sorel. It also owns a 19.8% stake in Pertama Holdings, which retails consumer electronics and home furnishings under Harvey Norman retail stores in Singapore and Malaysia.
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Goh’s announcement comes a day after senior minister Tharman Shanmugaratnam said that he hoped to be contested in his bid in the upcoming presidential election.
Goh is said to have no affiliations to any political party and will be contesting as an independent candidate.
On his website, Goh has shown his penchant for giving back to society through his philanthropic work. One of them is a self-funded charity organisation, Border Mission Limited, which gives care and help to isolated and poor communities in Singapore and the Himalayas.
Ossia International is currently on the SGX-ST’s watchlist. The group had, on Dec 27, 2022, received approval from the SGX-ST to extend its time to comply with rule 1315 of the exchange’s listing manual. Ossia’s new deadline is on Dec 4.
For the FY2023 ended March 31, Ossia reported a 52.6% y-o-y surge in earnings of $10.1 million. The earnings growth was attributable to the group’s higher revenue and higher share of results from its associated company. However Ossia's shareholders funds stands at $55 million as at March 31, which is less than the $500 million in shareholders funds for at least three years required to qualify for a run.
Shares in Ossia closed 0.7 cents higher or 4.05% up at 18 cents on June 12, at a 52-week high. The group's market cap now stands at $45.5 million.
