Loyz Energy ties up with Arctos to diversify into PE, investment
weakness and volatility i n the energy sector globally, Singaporegrown oil and gas exploration and production company Loyz Energy Ltd has proposed to diversify into fund management, investment and trading in an attempt to reduce its reliance on the original business and increase revenue streams.
To enter into the investment business, Loyz inked a deal with locally headquartered multi-asset investor Arctos Investments Pte. Ltd to form a new joint venture company called FIT Global Pte. Ltd that will be engaged in the fund management business.
“The principal business of the JV (joint venture) company shall be investment, including private equity deals, pre-initial public offerings (mature stage), initial public offerings, fixed i ncome and hybrid instruments, trading of equities, commodities and other financial instruments, including cryptocurrencies, fund management and market making for commodities,” Loyz said in an announcement on 8 September.
The venture will be co-managed by a team of experienced investment professionals led by Wong Yat Foo, an investment veteran in the capital markets.
While Arctos Investments will assist the JV to get a fund management licence, Loyz will seek approval from its shareholders for the business diversification proposal.