Shareholders of Sim Siang Choon, the Mainboard-cited firm, have approved the proposal to change the firm's name to Loyz Energy. The new title is inspired by the company’s new focus in the oil and gas business.

The approval, which came after a long conference yesterday, is likely to pave the way for it to endeavor into the oil and gas business across the region.

The shareholders also nodded to the proposal regarding an increase of S$12 million through the allotment of 12 million redeemable exchangeable preference shares in Loyz Oil. Loyz oil is its completely owned subsidiary and operating unit in oil and gas.

The shares will be sold to two Singapore private equity firms to raise funds for energy investments.

Adrian Lee, Loyz Energy Executive Director, has said that the funds will be employed to enhance capital spending and working capital to stimulate the growth in the upstream energy sector.

Loyz Energy believes that it’s working on its success. The company expects that its subsidiary, Interlink Petroleum, will soon carry out auxiliary test-runs at three wells in Gujarat, India, before getting involved into deeper resources.

Sim Siang Choon, which is a sturdy name in bathroom and kitchen products, has adopted numerous measures to strengthen its foothold in the field of energy extraction and exploration after an acquisition last year.