Washington, D.C. 20549

                            FORM 8-K
                         CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

  Date of Report (Date of earliest event reported): October 20, 2003

                       SGC Holdings, Inc.
       (Exact name of Registrant as specified in charter)

       Nevada             333-100137            86-1047317
    -----------         ---------------        -------------
  (State of Other         (Commission          (IRS Employer
    Jurisdiction         File Number)       Identification No.)
 of Incorporation)

   15911 East Sunburst Drive
      Fountain Hills, AZ                     85268
  ----------------------------            -------------
(Address of Principal Executive            (Zip Code)

Registrant's telephone number, including area code: (480) 837-6029

 (Former Name or Former Address, if Changed Since Last Report)

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Item 5.  Other Events and Regulation FD Disclosure

     On October 20, 2003, the SGC Holdings, Inc., (the "Company")
held  a  meeting  of the board of directors of  the  Company  and
authorized the formation of a wholly-owned subsidiary to be named
"St.  George Clipper One, Inc" (the "Subsidiary"). The Subsidiary
was incorporated under the laws of the State of Nevada on October
27,  2003.  Christos E. Loukas is President, Secretary, Treasurer
and sole Director of the Subsidiary.

     The purpose of the Subsidiary is to serve as the vehicle  to
fund and open the first restaurant for the Company.

     The  board of directors has further authorized the  officers
of the Company to conduct a private placement to raise capital to
finance the establishment of the Company's first restaurant.

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  Pursuant to the requirements of the Securities Exchange Act  of
1934, the registrant has duly caused this report to be signed  on
its behalf by the undersigned hereunto duly authorized.

     Signature               Title                  Date
     ---------              -------                ------

/s/ Christos E. Loukas      President and CEO      November 6, 2003
 Christos E. Loukas

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