SINGAPORE – The Singapore-listed hospitality and property group led by billionaire Sam Goi is undergoing a leadership transition after three consecutive years of pre-tax losses, with its chief executive set to step down later this year.
In filings lodged with the Singapore Exchange (SGX) on April 28, GSH Corporation said CEO and executive director Gilbert Ee will retire on Oct 26, after leading the group through a period of transformation. Executive director Lim Hong Kian will also step down on May 26.
The developments come after GSH on April 7 announced the retirement of independent director Wendell Wong and the redesignation of executive director and chief operating officer Kenneth Goi Kok Ming as alternate director.
GSH said on April 27 that the changes are part of a planned succession process aimed at bringing in a fresh leadership team to strengthen its core businesses and support future development. It added that the board has begun evaluating candidates for the CEO role and will announce an appointment in due course.
The transition comes as the group continues to reposition its business around hospitality and real estate, while maintaining a disciplined approach to new growth initiatives, its statement said.
Executive chairman Goi will remain in his role, providing strategic direction during the transition. Mr Kenneth Goi Kok Ming, who is also his son, will continue to support him as an alternate director.
Mr Sam Goi is best known for leading Tee Yih Jia Food Manufacturing into a regional powerhouse in spring roll pastry and food products, earning him the “Popiah King” moniker. He is also an active director and investor in a string of Singapore and Malaysia companies.
Over the years, Mr Goi has expanded his business interests beyond food manufacturing into property and hospitality through GSH, although his track record in the sector has been mixed.
GSH, which is majority owned by Mr Goi, owns hospitality assets in Malaysia including the Sutera Harbour Resort and the 70-villa Sutera@Mantanani Resort in Sabah, Malaysia. Its residential portfolio comprises a couple of seafront condos in Kota Kinabalu and two luxury developments in Kuala Lumpur.
In China, GSH’s sole residential project is the 1,600-unit Yuhu Singapore International Gardens condo in Chongqing. It also owns the 200-room New World Chongqing Hotel.
Real estate challenges, project write-downs and hefty finance costs have overrun revenues. On April 7, the company issued a notice of three consecutive years’ losses.
Following a strategic review in 2025, the group moved into digital infrastructure. Shareholders approved the expansion in October, covering Bitcoin mining and investments in data centres supporting blockchain, artificial intelligence and distributed computing.
The company has also raised cash to fund its expansion into this new growth area.
It said in its April 27 statement that its operations will not be affected by the leadership changes, with the board and senior management committed to executing its strategy and delivering long-term value to shareholders.
Shares of GSH closed April 28 at 20 cents, up 2.5 per cent.
