Global Yellow Pages rebrands as GYP Properties

MAINBOARD-LISTED Global Yellow Pages will now be known as GYP Properties after an extraordinary general meeting on Friday, the board has announced.

The move follows a diversification into real estate that was approved by shareholders in 2015. The company had previously been involved in printing directories and selling advertisements.

It said that the name change has been confirmed with the Accounting and Corporate Regulatory Authority, while the group will work with the Singapore Exchange to change its trading counter name to a new name that will be announced "in due course".

Chief executive officer Stanley Tan said in a media statement that the transformation into a property company was a strategic decision by the board that taps the experience of directors and the management team in real estate, as well as hotel and township development, especially in New Zealand.

The company noted in its announcement that it "has been steadily building a project pipeline in New Zealand", with three development projects under its belt and a fourth land deal - for a two-hectare site at Lakes Resort Pauanui - now going through the due diligence process.

It is also looking for projects in Asia and Australia, it added.

Global Yellow Pages closed up by 1.2 Singapore cents or 7.27 per cent at S$0.177 before the announcement.