GS Holdings' (SGX:43A) subsidiary, Wish Hospitality Holdings, will be placed into creditors' voluntary liquidation, citing an inability to pay debts after ceasing operations in 2021, according to a Wednesday filing on the Singapore Exchange.
The subsidiary, which owns Wish Health Management (Shanghai), has 22 million yuan in the bank frozen by Chinese authorities. GS Holdings is seeking legal advice on the matter.
The liquidation is expected to improve the group's net tangible assets to SG$880,000 from a deficit of about SG$2.9 million. A creditors' meeting is set for Dec. 30.
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