SINGAPORE: Singaporean investment firm G. K. Goh Holdings Ltd. is exploring a sale of corporate services provider Boardroom Ltd. amid interest from prospective buyers, according to people familiar with the matter.
GK Goh is working with a financial adviser on the potential sale, which could fetch about $300 million, the people said, asking not to be identified because the matter is private. The Singapore-based business has attracted preliminary interest from other industry players, the people said.
Shares in GK Goh rose as much as 5.2% in Singapore after the Bloomberg News report. That’s their biggest advance since June 2020. Trading was halted at around noon local time.
Boardroom, founded in 1968, provides corporate and advisory services including accounting and tax, human resources, payrolls and compliance in Singapore, Malaysia, Hong Kong, China and Australia, according to its website. The company went public in Singapore after a S$13.7 million ($10.3 million) initial public offering in 2000. It was then taken private by GK Goh in 2019.
GK Goh, started as a Singapore-based securities business in 1979, is an investment firm with interests including elderly care providers and property developer and a fiber optic network operator in Europe, according to its website. GK Goh owns a 92% stake in Boardroom.
Sale considerations are ongoing and the owner could decide to keep the business the people said. A representative for GK Goh didn’t immediately respond to requests for comment. - Bloomberg
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