Sim Siang Choon shareholders today gave their support for two resolutions that will set the company on its way to building its business and reputation in the upstream energy sector.
At an Extraordinary General Meeting held this morning, SSC’s shareholders approved the company’s change of name to Loyz Energy Limited, which will make its presence felt in the oil and gas (O&G) exploration and production sector across the Asia-Pacific region.
Shareholders also gave their thumbs up to raise $12 million via the issue of 12 million redeemable exchangeable preference shares by Loyz Oil Pte. Ltd., a wholly-owned subsidiary of Loyz Energy, to two Singapore-incorporated private equity funds managed by Venstar Capital Mgt Pte Ltd. – Venstar Investments Ltd and Venstar Investments II Ltd.
Adrian Lee, the Executive Director of Loyz Energy, says: “The $12 million raised will enable the Group to increase its capital expenditure and provide the working capital that is required to spur the growth of Loyz Energy in the upstream energy sector. We are making good progress in this direction. Our 51.8%-owned Interlink Petroleum (IPL) will soon be conducting further tests at three wells to determine the level of reserves before we commit more resources. Together with the recent appointment of two key members to our management team and the cooperation agreement with Rex Oil & Gas (Rex), we are confident of adding additional oil concessions to our portfolio and thus strengthening our position as an independent oil player in the sector.”
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