A South African closed-end investment company is to reorganise itself into a newly formed Bermuda company.

The shareholders of ASA Limited voted to approve the reorganisation to create ASA Bermuda Limited last week.

The plan is still subject to a number of regulatory and share-listing conditions.

ASA Limited was organised in 1958 to provide investors a vehicle to invest in a portfolio consisting primarily of stocks of companies conducting, as a major portion of their business, gold mining and related activities in South Africa.

On its web site ASA said that it seeks to form an exempted limited liability company in Bermuda ?primarily because of certain taxes it recently became subject to, or will be subject to, in South Africa that will adversely affect ASA and its shareholders. As a Bermuda exempted limited liability company, ASAB would not be subject to such taxes.?