LionGold to change name to Shen Yao Holdings, diversify into fund management

INVESTMENT holding company LionGold Corp said on Monday that it plans to seek shareholders' approval to transfer its domicile from Bermuda to Singapore, change its name, and diversify into fund management and investment.

As fund management in Singapore is a regulated activity, the group intends to commence its operations in the fund-management business by registering with the Monetary Authority of Singapore to operate as a Registered Fund Management Company.

Meanwhile, the new investment business will encompass trading and/or investing directly or indirectly in futures, commodities, bonds, notes, swaps, options, forwards, foreign exchange, real-estate investment trusts and funds, the group said.

LionGold also wants to transfer its domicile from Bermuda to Singapore to align its country of registration with its country of listing.

Among other things, the re-domiciliation will reduce the group's administrative and compliance costs, the group said. This is because future corporate actions and exercises undertaken by the company would need to comply only with Singapore listing rules, regulations and laws, without the added requirement of compliance with Bermuda laws and regulations.

LionGold is also proposing to change its name to "Shen Yao Holdings Limited" so that the public can better identify with the new controlling shareholder of the company.

Late last year, Yaoo Capital became the company's controlling shareholder through a share subscription.

A circular containing further details on the proposed re-domiciliation, diversification and change of company name will be given to shareholders in due course.

LionGold shares closed flat at S$0.002 on Monday.