Two key shareholders emerge at CWX Global

CWX Global, formerly Loyz Energy, has seen two new substantial shareholders emerge, following its latest rights and warrants issue.

According to disclosures made to the Singapore Exchange on Thursday, Aspial chief executive Koh Wee Seng on Monday acquired 22 million rights shares and 333.3 million excess rights shares at 0.9 cent each. He also acquired 88.8 million warrants.

This effectively boosted his stake in the company from 1.13 per cent to 9.68 per cent.

On the same day, Zhongmin Baihui Retail Group's former executive director Low Chui Heng bought 100,000 rights shares, 333.3 million excess rights shares and 83.4 million warrants.

This raised his stake from 0.01 per cent to 8.55 per cent.

Mr Koh and Mr Low do not hold appointments in the firm.

CWX Global last week issued some 1.95 billion rights shares and 487.5 million warrants to raise net proceeds of about $16.99 million. If the warrants are exercised, it will raise a further $7.31 million.

The company plans to use most of the proceeds to fund its new business in investment and trading-related activities, including investing in an initial portfolio of assets. The rest will be used for general corporate and working capital.

CWX Global changed its name from Loyz Energy in September this year to reflect the expansion of its business beyond oil exploration and production to also comprise investment, including private equity deals, as well as the trading of equities, commodities and other financial instruments.

A version of this article appeared in the print edition of The Straits Times on December 23, 2017, with the headline 'Two key shareholders emerge at CWX Global'. Print Edition | Subscribe