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Asiasons Investment sells off indirect stake in LionGold Corp

LIONGOLD Corp said on Tuesday that Asiasons Investment has ceased to be one of its substantial shareholders.

Asiasons Investment sold off its 3.27 per cent deemed stake via its wholly owned subsidiary Vibrant Coast Management on June 19. This leaves it with a 1.84 per cent direct interest in LionGold Corp, based on the company's issued and paid up capital of 1.2 billion shares.

Attilan Group (formerly known as Asiasons Capital), its managing director Jared Lim and Ng Teck Wah are also no longer substantial shareholders of LionGold Corp. For all three, the 5.49 per cent deemed interest in LionGold Corp prior to the transaction was pared down to 2.22 per cent after.

Their deemed interest is due to Attilan's interest in Asiasons Investment and Asiasons Private equity. Mr Lim and Mr Ng have equal shares in Asiaons Investment Managers Inc, a substantial shareholder of Attilan Group.

LionGold Corp and Attilan Group were two of three penny stocks - the third being Blumont Group - which were hammered in late 2013 after hitting dizzying highs. The crash is still under investigation by the Commercial Affairs Department.

LionGold shares closed 0.2 Singapore cents lower at 1.8 Singapore cents each on Tuesday, before this announcement. Attilan's shares also closed 0.2 Singapore cents down at 1.6 Singapore cents each.