Loyz Energy to diversify to financial services
It will form a JV with Arctos Investments.
Loyz Energy Limited (Loyz Energy) inked a deal with Arctos Investments Pte Ltd (AIPL) to form a join venture called FIT Global Pte Ltd (FIT).
According to a press release, FIT will focus on fund management. Four broad areas that it will cover include investment, trading, fund management, and market making for commodities.
FIT will have a paid-up capital of $1m.
Loyz Energy will hold 40% of shares, whilst AIPL will hold 60%.
Loyz Energy chief executive officer and executive director Jeffrey Pang said, “Through our efforts in streamlining non-performing oil and gas assets, the Group is left with our 20% stake in the producing onshore oilfields in Thailand. We are entering into a new business to augment our income and cash flows, and partnering with Arctos Investments, which has a good team of experienced investment professionals, will give us an immediate boost in our new business initiative."
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