The Board of Directors of GS Holdings Limited announced that the Company has incorporated a wholly-owned subsidiary, GS Innovative Food Pte. Ltd., which has on 9 May 2022 entered into a memorandum of understanding (the 'MOU') with a third party, Ants Innovate Pte. Ltd. ('Ants Innovate'), in respect of their cooperation in the production and supply of plant-based and cell-based meat products.

The directors of GS Innovative are Mr. Pang Pok, the Chief Executive Officer and Executive Director of the Company, and Ms. Pang Yiling, the Director of Operations of the Company.