GS Holdings (SGX:43A) is proposing to change its name to Octopus (APAC) Holdings, according to a Wednesday filing with the Singapore Exchange.

Shares of the food and beverage company were down nearly 2% in Thursday trading.

The move is part of the company's strategy to diversify its business model and create new revenue streams.

This comes after the company completed the acquisition of Octopus Distribution Networks, an integrated beverage solutions provider.

The proposed name has already been reserved with the Accounting and Corporate Regulatory Authority of Singapore and will require shareholders' approval.