Amaya Officials Propose Name Change to ‘The Stars Group Inc’
The Toronto-listed gambling group specialized in online poker – Amaya Inc. – has informed company’s shareholders that it plans to propose a corporate name change.
What is known as Amaya Inc. is planned to be renamed to ‘The Stars Group Inc’, the company’s governance has announced.
The name change proposal will be voted on at the upcoming annual shareholders meeting.
PokerStars owner are looking to put a difficult period behind them as the company is attempting to transform the online giant after insider trading controversies which saw founder David Baazov step down and leave the company.
Amaya Inc. was putting in poor earnings performance as the result of the insider trading storm and the hierarchy is keen to distance itself from all the negativity with a fresh start and a clean slate under the new Chief Executive Officer Rafi Ashkenazi.
Ashkenazi has been praised for his instant impact in the company as he rolled up his sleeves and worked hard to pay down debt, promote a new management team and decrease Amaya’s exposure to online poker business which has been deemed too unstable.
The company is looking to diversify the operations beyond poker – which stands at 69% of the company’s total revenue – and dive into the online casino games and sportsbook business which so far accounted for only 27% of the company’s total sales.
The new name should be a symbolic rebirth of the company that is also looking to move its head office from Montreal and settle in Toronto. The move has been agreed upon and will be executed once a replacement has been found for the outgoing CFO Daniel Sebag.
“Amaya will become an Ontario corporation and subject to such act. Following the continuance and appointment of its new CFO, Amaya intends to move its corporate head office to Toronto, Ontario.” The company has informed.
In other news, the company has most recently hired William Hill Merger & Acquisition Specialist Robin Chhabra.