GS Holdings Limited announced that In view of the Debt owed to the Company and contemplated legal action against Mr. Zhang, the Board wishes to update Shareholders of its decision to suspend Mr. Zhang from his duties as the Non-Independent and Non-Executive Chairman of the Company with immediate effect and pending the resolution of the matter. In arriving at this decision, the Board took into account the Nominating Committee's ("NC") recommendation and views after having thoroughly reviewed the situation and concluding that the suspension is necessary while efforts to recover the Debt are being undertaken. The Board wishes to further announce that Mr. Pang Pok will with immediate effect, assume and fulfill the duties and responsibilities as acting Chairman of the Company during the period of Mr. Zhang's suspension.

Mr. Pang Pok is currently the Company's Chief Executive Officer and Executive Director.