92% Stake in Boardroom to be Sold to Temasek-Related Consortium
SINGAPORE: Shareholders of GK Goh Holdings (GKGH), a mainboard-listed investment company, have overwhelmingly approved the sale of the company’s entire 92% stake in corporate-services provider Boardroom to a consortium linked to Temasek. At an extraordinary general meeting (EGM) held on Monday (Jan 10), 99.99% of votes supported the resolution to divest the Boardroom stake.
The vote represented around 226 million shares and was conducted electronically. In August 2021, Apricus Global, an investment vehicle of the consortium—which includes Temasek-linked 65 Equity Partners Holdings and private equity firm Tower Capital Asia—made a cash offer of S$1.48828 per Boardroom share, valuing the company at approximately S$312 million.
GKGH has been a shareholder in Boardroom since 2004 and played a pivotal role in its transformation into a comprehensive corporate services platform in the Asia-Pacific region. In July 2019, GKGH privatised Boardroom with an offer of S$0.88 per share, valuing the company at S$184.5 million.
GKGH shares were last traded at S$1.17 on January 6, prior to calling for a trading halt on Monday.
