Loyz Energy has made several changes to its board of directors and management team.
In addition, Wave Link LP, an existing shareholder, has entered into a sale-and-purchase agreement with Jit Sun Investments, Loyz Energy's largest shareholder. Under the pact, Wave Link will acquire a further 9.85% stake in Loyz Energy from Jit Sun.
After the acquisition is completed, Wave Link will become the company's second largest shareholder with a 16.7% stake. Jit Sun will remain the largest controlling shareholder of the company, with a 17.18% stake.
Wave Link focuses on investments in certain sectors, such as the oil and gas sector.
Loyz has made several changes to the constitution of its board.
Former CFO Jeffrey Pang has been named CEO to replace managing director Adrian Lee. The latter has been appointed as non-executive director on the board. Pang has also been appointed executive director on the board.
Group chairman Simon Charles Lockett has stepped down from the board but will be an adviser to the board. Lead independent director William Teo, chair of the audit committee, has been appointed chairman of the board.
Chan Eng Yew and Chia Yong Whatt will relinquish their respective roles as non-executive director and independent director.
Loyz shares closed flat at 2.6 cents on Tuesday.
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In addition, Wave Link LP, an existing shareholder, has entered into a sale-and-purchase agreement with Jit Sun Investments, Loyz Energy's largest shareholder. Under the pact, Wave Link will acquire a further 9.85% stake in Loyz Energy from Jit Sun.
After the acquisition is completed, Wave Link will become the company's second largest shareholder with a 16.7% stake. Jit Sun will remain the largest controlling shareholder of the company, with a 17.18% stake.
Wave Link focuses on investments in certain sectors, such as the oil and gas sector.
Loyz has made several changes to the constitution of its board.
Former CFO Jeffrey Pang has been named CEO to replace managing director Adrian Lee. The latter has been appointed as non-executive director on the board. Pang has also been appointed executive director on the board.
Group chairman Simon Charles Lockett has stepped down from the board but will be an adviser to the board. Lead independent director William Teo, chair of the audit committee, has been appointed chairman of the board.
Chan Eng Yew and Chia Yong Whatt will relinquish their respective roles as non-executive director and independent director.
Loyz shares closed flat at 2.6 cents on Tuesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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