GS Holdings (SGX:43A) signed a binding agreement to acquire integrate beverage solutions company, Octopus Distribution Networks, for a consideration of SG$11.8 million, according to a filing with the Singapore Exchange on Wednesday.

Through this acquisition, the company expects to boost its business model and amplify growth and further financial benefits.

Shares of the food and beverages group slumped nearly 4% in recent trading.

Price (SGD): S$71.59, Change: S$+0.82, Percent Change: +1.16%