Singaporean investment firm G. K. Goh Holdings Ltd. is conducting a strategic review on Boardroom Ltd. which could lead to a potential sale of the corporate services provider.
G. K. Goh has appointed Credit Suisse Group AG as a financial adviser as it evaluates various options for its shareholding in Boardroom, the company said in a filing Wednesday, confirming an earlier Bloomberg News report. Discussions are at an early stage and may not result in any transaction, GK Goh said.
The Singapore-listed firm is seeking to raise about $300 million from a divestment of Boardroom, according to people familiar with the matter. The business has attracted preliminary interest from other industry players, said the people, who asked not to be identified as the information is private.
Shares of G. K. Goh rose 5.2% Wednesday in Singapore, the biggest gain since June 2020, before being halted pending the announcement. They are due to resume trading Thursday.
Boardroom, founded in 1968, provides corporate services including accounting, human resources, payroll, and compliance work in Singapore, Malaysia, Hong Kong, China, and Australia, according to its website. The company went public in Singapore in a S$13.7 million ($10.3 million) initial public offering in 2000. It was then taken private by G. K. Goh in 2019.
G. K. Goh, started as a Singapore securities business in 1979, is now an investment firm with interests in areas including elderly care, property development and telecommunications, according to its website. G. K. Goh owns a 92% stake in Boardroom.