LOYZ Energy Limited announced on Tuesday that it is proposing a change in name of the company from Loyz Energy Limited to CWX Global Limited.
"An application was made to the Accounting and Corporate Regulatory Authority of Singapore to reserve the name CWX Global Limited on Sept 15, 2017. The application has been approved on the same date, and the name will be reserved until Jan 13, 2018," Loyz said in a Singapore Exchange filing.
On Sept 8, the company entered into a binding memorandum of understanding with Arctos Investments Pte Ltd for the incorporation of a new joint venture private company, FIT Global Pte Ltd, limited by shares in Singapore.
"The board is of the view that the proposed change of name will better represent the group's new corporate identity and business strategy. The proposed change of name will also serve to prevent market misconceptions of the group as only an energy player under its existing name, and allow the public and the company's business partners to better identify with the company of its intended new business," Loyz said.
The proposed name change shall be subject to shareholder approval by way of special resolution at an extraordinary general meeting. Loyz closed trading at S$0.018 on Tuesday, up S$0.002 , or 12.5 per cent.