In today’s briefing:
- GS Retail: Equity Spin Off of Parnas Hotel and Freshmeat Subsidiaries
GS Retail: Equity Spin Off of Parnas Hotel and Freshmeat Subsidiaries
- On 3 June, GS Retail (007070 KS) announced that it will spin off Parnas Hotel and Freshmeat subsidiaries to simplify its business structure and enhance shareholder value.
- The company plans to create a new entity tentatively called Parnas Holdings which will include Parnas hotel and Freshmeat (a meat processing company).
- We have a positive view of GS Retail’s decision to conduct this equity spin off which simplifies the business structures and it could raise the valuation multiples of GS Retail.
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