GK Goh to sell financial services arm

INVESTMENT holding firm GK Goh Holdings said it will sell its financial services arm, GK Goh Financial Services, to a third party belonging to an international financial institution with an established presence in Asia.

The sale price is the net tangible assets of the company of S$12.5 million at Sept 30, 2016, subject to adjustments.

GK Goh said its financial services unit, which provides services on exchange-traded futures and options, over-the-counter leveraged foreign exchange among other things, has been loss-making since 2013.

The counter last traded at S$0.84, up two cents, before the announcement.