GS Holdings Limited announced that the Group has signed a master franchise agreement with De Run Elderly Care Property Management (Guangdong) Group Co. Ltd. to expand its chicken rice brand, SING SWEE KEE, and Hainanese-styled coffee brand, Raffles Coffee & Toast, into China. Established in 2018, Foshan-based De Run is involved in the elderly healthcare industry in China with a business model that is focused on providing holistic healthcare for the elderly by combining the medical treatments and wellness programs for seniors to stay active, healthy and socially engaged.

Leveraging on its growing reputation and business networks in China, De Run is proactively exploring new business initiatives to harness the opportunities within the consumer markets in China. At the same time, to tap on the popularity of the "Sing Swee Kee" brand name, the Group has been developing new F&B franchise models with standard operating procedures as well as a training program for new franchisees. The Group's halal chicken rice brand "RASA CHICKEN by SING SWEE KEE" has signed franchises in Brunei and Qatar.

In total, there are three franchised outlets of "RASA CHICKEN by SING SWEE KEE", of which two outlets are in Brunei and one outlet is in Qatar. Another of the Group's unique F&B brand, Raffles Coffee & Toast, was created to provide authentic Hainanese-styled coffee coupled together with Singapore's local favourites within a casual dining environment. In Singapore, the first outlet of Raffles Coffee & Toast is expected to be opened in May 2023.

Under the master franchise agreement, GS Holdings will obtain a one-time franchise fee for each brand with a continuing Franchise Royalty fee (based on sales) on a monthly basis. In addition, GS Holding is entitled to a one-time franchise fee for each new sub-franchisee. The first SING SWEE KEE outlet in China is expected to be opened by 3rd quarter of 2023 and there are plans by the master franchisee to open additional outlets of SING SWEE KEE and Raffles Coffee & Toast over the next 12 months.