GGRAsia – CY Foundation changing name to Success Dragon Intl

CY Foundation changing name to Success Dragon Intl

Oct 07, 2015 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck

CY Foundation Group Ltd – an investor in services to the Macau gaming industry – announced its intention to change the English name of the company to Success Dragon International Holdings Ltd.

“The board considers that the proposed change of company name can promote and strengthen the company’s corporate image and enable the group to better identify and obtain business opportunities for its future development,” the firm said on Tuesday in a filing to the Hong Kong Stock Exchange.

The proposed change of name needs approval from the company’s shareholders. The proposal will be voted at a special general meeting on October 30, the firm said.

CY Foundation is the parent company of Macau-based casino services provider CY Management Ltd. The latter firm currently provides management services to three casinos in Macau and information technology services to two other casinos in the city, the parent company said in its annual report in June. CY Foundation is also engaged in the manufacturing of packaging products for luxury goods.

The company announced on October 2 that its chief executive Lai Hock Meng had resigned with effect that date, “due to his desire to focus on his other business development”.

Carlos Luis Salas Porras has been appointed as the company’s new CEO. Mr Salas had been named executive director and chairman of CY Foundation in June.

CY Foundation posted a net loss of HKD47.3 million (US$6.1 million) for the fiscal year ended March 31, 2015. It had a net loss of HKD19.5 million in the previous year. The company said in March that its expansion plans had been delayed because of “changes in market environment in Macau”.