Shares of GS Holdings close up 7.9% after price surge prompts SGX query

GS Holdings is currently in talks to sell a "significant asset" to a third party, the group disclosed in its response to the Singapore Exchange (SGX) on Friday, after the exchange queried the group on its share price surge.

However, the parties have not entered into any definitive agreement, and "there is no certainty at this juncture that any agreement will be reached", Catalist-listed GS Holdings said.

On Friday afternoon, SGX had flagged "unusual price movements" in GS Holdings' shares, after they climbed as much as 9 per cent or 6.3 Singapore cents on the day to reach 75.8 Singapore cents about half an hour after the market opened.

The counter then eased to 73 Singapore cents by 3.08pm, before closing at 75 Singapore cents, up 7.91 per cent or 5.5 Singapore cents on trade of 951,000 shares.

Before this, GS Holdings had announced on Monday that it will launch its halal chicken rice brand in Brunei.

GS Holdings' wholly owned subsidiary had signed a franchise agreement with a food and beverage operator in Brunei to develop and operate halal chicken rice outlets, under the brand name Rasa Chicken by Sing Swee Kee, according to the Monday filing.

GS Holdings is looking to further expand the Sing Swee Kee presence across Asia and beyond, via franchising and licensing models.