Asian Growth Properties is to seek shareholder approval to de-register the company as an exempted limited liability company in the British Virgin Islands and re-register in Bermuda.
The company says that recently, the British Virgin Islands came under a considerable amount of adverse publicity following the publication in early 2016 of a major leak of documents from a Panamanian law firm.
It says: "A large number of people (including celebrities) have purportedly been suspected of using British Virgin Islands companies for tax avoidance and other illegitimate activities. Given this, the directors believe that a British Virgin Islands domicile may no longer be suitable for publicly listed companies."
At 9:46am: (LON:AGP) Asian Growth Properties Ltd share price was 0p at 38.5p