Macau | BREAKING NEWS : The 13 Holdings to change name to South Shore Holdings

The 13 Holdings Ltd. board of directors has proposed changing the name of the company to South Shore Holdings Limited in order to distance the company from its 'principal asset'

Macau (MNA) – The 13 Holdings Ltd. board of directors proposed this Wednesday changing the name of the company to South Shore Holdings Limited.

According to the Hong Kong Stock Exchange filing, the name change will ‘provide a clear delineation between our corporate identity and that of our principal asset’.

‘The Proposed Change of Company Name will not affect any of the rights of the holders of securities of the Company or the Company’s daily business operation and/or its financial position’ the note indicated.

The proposed change will still have to be approved by shareholders at a a special general meeting to be announced, with the company registered in Bermuda also having to be changed.

The company’s hotel and casino project has suffered several delays since first announced in Cotai in 2012.

In February, The 13 Holdings announced that previous Joint Chairman and Executive Director Stephen Hung had stepped down from his position, with the change coming after the company announced it was delaying the opening of the property to a date on or before April 30, 2018 from the previous March 31 date announced, with another note stating the property’s casino would maybe only open by March 31, 2019.

The 13 Holdings Limited is currently trying to raise almost HK$2 billion (US$256.32 million/MOP2.06 billion) through a combination of funds, debt, and loans, to support the hotel opening.