Between Apr 11 and 16, GSH Corporation : BDX -1.79% executive chairman Sam Goi Seng Hui acquired 1,233,700 shares at S$0.165 per share, taking his total interest in the South-east Asia property developer from 63.70 per cent to 63.76 per cent. In H2 FY2023 (ended Dec 31), GSH Corporation launched a soft opening of its first greenfield luxury hotel development in China. The group noted that New World Chongqing Hotel is well on track to launch officially in the second quarter of FY 2024.

The sale of GSH Corporation&rsquo s BDX -1.18% office units in Cecil Street will not be going ahead.

 

The company had received a notice from the purchaser&rsquo s solicitors that the purchaser was unable to complete the purchase of the property.

 

GSH Corporation, on July 12, announced that it would be selling its nine strata office units on the 28th floor of 20 Cecil Street for $38.8 million.

 

After &ldquo due deliberation&rdquo , the sale and purchase agreement (SPA) entered into was terminated and the 10% deposit of the $38.8 million was forfeited by the purchaser.

 

The deposit will be recognised as &ldquo other income&rdquo in the company&rsquo s income statement for the current financial year. The termination of the purchase will not affect its financial results materially.

 

MAINBOARD-listed GSH Corporation : BDX 0% has entered a sale and purchase agreement for the disposal of its Cecil Street property in Raffles Place for a consideration of S$38.8 million, the company said on Wednesday (Jul 12).

 

The property was valued at S$37 million by an independent professional valuer, GSH added. It has a gross floor area of approximately 901 square metres, comprising nine strata units of offices.

 

The purchaser, who was not named, is an unrelated party with no shareholding interest &ndash direct or indirect &ndash in the company or group.

 

The buyer will pay a S$3.88 million deposit upon inking the agreement, with the remainder to be paid upon completion of the disposal, which will take place within two months of the agreement date.

 

The book value of the property is about S$27.1 million, based on the company&rsquo s latest audited consolidated accounts from the 2022 financial year. The excess of the proceeds from the sale over the book value is S$11.7 million.  

 

GSH said that net proceeds from the proposed disposal will be used by the group to repay existing financing taken against the property, as well as for working capital purposes.

 

Assuming that the disposal had been completed on Dec 31, 2022, the consolidated net tangible asset per share of the company would have been S$0.16 for FY2022, against S$0.15 before the transaction, the company said.

 

If the disposal had been effected from Jan 1, 2022, GSH&rsquo s loss per share in FY2022 would have been 0.36 Singapore cents, rather than 0.95 cents without the sale.

 

&ldquo The proposed disposal provides a good opportunity for the company to unlock its investment in the property,&rdquo the company said.

Between Apr 20 and Apr 26, GSH Corporation : BDX +10.8% executive chairman Sam Goi Seng Hui acquired 107,600 shares at S$0.162 per share, for a consideration of S$17,431. His total interest in GSH Corporation is 63.98 per cent.

 

In addition to serving as the executive chairman of Tee Yih Jia Food Manufacturing since 1977, Goi has a wealth of investment experience across a range of listed and private entities in numerous industries, such as food and beverage, consumer essentials, recycling, distribution, and logistics.

 

Between Oct 27 and Nov 1, GSH Corporation : BDX 0% executive chairman Sam Goi Seng Hui acquired 1,946,000 shares at 16.0 cents per share.

 

With a consideration of S$311,360, this increased Goi&rsquo s total interest in GSH Corporation from 63.85 per cent to 63.95 per cent.

 

In addition to serving as the executive chairman of Tee Yih Jia Food Manufacturing since 1977, Goi has a wealth of investment experience across a range of listed and private entities in numerous industries, such as food and beverage, consumer essentials, recycling, distribution, and logistics.

 

Between Oct 19 and 20, GSH Corporation : BDX 0% executive chairman Sam Goi Seng Hui acquired 930,500 shares at 16 cents per share. With a consideration of S$148,880, this took his stake in GSH Corporation from 63.80 per cent to 63.85 per cent. Goi has gradually increased his stake in the property developer from 47.32 per cent at the end of 2014.

 

Back on Aug 12, GSH Corporation reported that group revenue for H1 2022 increased 5 per cent from H1 2021, to S$41.9 million, generating a net loss after tax of S$5.3 million in H1 2022, compared with a net loss after tax of S$12.4 million in H1 2021.

 

On a segmental basis, the group&rsquo s property business registered a 58 per cent rise in revenue to S$23.3 million, boosted by improved sales performance of its Eaton Residences project in H1 2022. The group&rsquo s hospitality segment also posted a 64 per cent increase in revenue to S$12.2 million in H1 2022 as Malaysia had eased its movement control restrictions in Q2 2022.

 

On Sep 15, GSH Corporation also announced the successful close of its first initial issue on the digital securities platform ADDX, with S$19.54 million in gross proceeds raised.

GSH Corporation : BDX 0% has closed its first initial issue of digital commercial paper and raised S$19.54 million in gross proceeds, the mainboard-listed player said in a regulatory filing on Thursday (Sep 15).

 

The issue, launched under a S$200 million multi-tranche unsecured commercial paper facility programme and to be listed on the ADDX Platform, offers an interest rate of 4.10 per cent per annum and matures 3 months from the date of its listing.

 

Sam Goi Seng Hui, Gilbert Ee Guan Hui and Juliette Lee Hwee Khoon were among the subscribers of the issue with their holdings of S$11.82 million amounting to 60.5 per cent of the issue.

 

Goi is a controlling shareholder and executive chairman of GSH, a group that engages in property development, hospitality business and frozen food trading. Lee is a non-executive director while Ee is the chief executive officer and executive director of GSH.

 

On Jun 28, GSH Corporation : BDX +7.41% executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Between Jun 2 and 8, GSH Corporation : BDX 0% executive chairman Sam Goi Seng Hui acquired 195,200 shares of the company at an average price of 16.7 cents per share, with a consideration of S$32,668. This increased his total interest in the property developer, hotel and resort operator from 63.62 per cent to 63.63 per cent. Goi&rsquo s preceding acquisition was on Oct 8, with 99,800 shares acquired at 16.8 cents per share. He has gradually increased his total interest in GSH Corporation from 47.97 per cent in July 2015. Goi was appointed to the GSH Corporation board in July 2012.

 

He is also the executive chairman of Tee Yih Jia Group, in addition to SGX-listed companies Hanwell Holdings and Tat Seng Packaging Group. : T12 -2% Goi also serves on the board of Envictus International Holdings, : BQD 0% JB Foods, : BEW 0% and Tung Lok Restaurants (2000). : 540 0% For its FY21 (ended Dec 31), GSH posted an attributable net loss of S$21.0 million, which was a decline of 49 per cent from an attributable net loss of S$14.1 million in FY20, with group revenue declining 20 per cent from S$120.2 million in FY20 to S$95.8 million in FY21.

 

GSH Corporation is a growing property developer in South-east Asia, with 5 properties under development in Malaysia and China. It also owns and operates the Sutera Harbour Resort in Kota Kinabalu, comprising 2 5-star hotels, a 104-berth marina and a 27-hole championship golf course, and the Sutera@Mantanani Resort on the Mantanani Islands in Sabah. In FY21, 67 per cent of GSH Corporation&rsquo s revenue was reported to Malaysia, with the balance reported to China.

 

On Oct 8, GSH Corporation GSH: BDX +1.68% executive chairman Sam Goi Seng Hui acquired 99,800 shares of the company at 16.8 cents per share, with a consideration of S$16,766.

 

His total interest in the property developer, hotel and resort operator is 63.62 per cent.

 

This followed his acquisition of 434,400 shares at 17.0 cents per share on Sep 23.

 

GSH Corporation noted in August that the recovery of its hotel segment would mostly depend on international leisure travel being permitted and the type of measures taken by the Malaysia government, and when such measures are subsequently relaxed to allow food and beverage (F& B) dine-in and staycation packages.

 

Following the Oct 10 announcement that Malaysia had vaccinated 90 per cent of its adult population, the share price of GSH Corporation subsequently gained 6.6 per cent to 17.9 cents at the Oct 14 close.

 

On Sept 23, GSH Corporation GSH: BDX 0% executive chairman Sam Goi Seng Hui acquired 434,400 shares of the company at 17.0 cents per share.

 

With a consideration of S$73,678, this increased his total interest in the property developer, hotel and resort operator from 63.60 per cent to 63.62 per cent.

 

GSH Corporation noted in August that the recovery of its hotel segment, will largely depend on international leisure travel being permitted and the type of measures taken by the Malaysian government, and when such measures are subsequently relaxed to allow F& B dine-in and staycation packages.

 

GSH Corporation also undertook a S$78 million renounceable rights issue of 5.20 per cent convertible bonds to improve its liquidity and financial position that went ex-rights on Sept 15.

 

The share price of GSH Corporation has declined 10.6 per cent over the first nine months of 2021.

 

Between Sept 20 and 21, GSH Corporation GSH: BDX -1.74% executive chairman Sam Goi Seng Hui acquired 61,000 shares at 17.0 cents per share.

 

With a consideration of S$10,472, this increased his total interest in the property developer, and hotel and resort operator from 63.59 per cent to 63.60 per cent.