Naga CEO amends bond conversion plan

Founder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is now seeking a concurrent conversion of the TSCLK Complex and NagaCity Walk bonds, rather than his previously planned staggered conversion.

At the end of March, NagaCorp announced that Dr Chen was seeking to gain full control of the casino operator by exercising conversion rights in respect of the TSCLK Complex Convertible Bonds.

According to the company's filing at the time, the move would result in Dr. Chen increasing his interest in the company from approximately 38.98 percent to approximately 61.13 percent.

However, in the company’s latest filing to the Hong Kong Stock Exchange on Friday, the new proposed concurrent conversions will instead bring Dr. Chen’s interest in the company to around 65.42 percent.

Brokerage Union Gaming notes that while a whitewash waiver will still be required, [it is] more likely that the whitewash waiver will be approved at the July 21st EGM.

More news from this jurisdiction

CambodiaWednesday, Feb 21, 2018

Local Cambodians in Sihanoukville are staging a backlash against the flood of Chinese visitors, who have been drawn to the seaside town by the rising number of casinos, the Financial Times reports.

Vietnam, CambodiaThursday, Feb 08, 2018

Transport officials from Vietnam and Cambodia are looking to build a railway connecting Ho Chi Minh City with Bavet City, linking Vietnamese outbound travellers to the Cambodian casino hub.

CambodiaWednesday, Feb 07, 2018

Cambodian casino operator NagaCorp reported a 39 percent increase in net profit for the full-year 2017, reaching $255.2 million.

CambodiaSunday, Jan 28, 2018

China’s increasing involvement and investment in the Sihanoukville Province has pushed up the crime rate and brought instability, said governor Yun Min in a letter to the government.

CambodiaFriday, Jan 19, 2018

The Takara Gaming Group (TGG) has announced it is entering the Southeast Asia gaming market with two casino groups in Cambodia - Golden Crown and Superich the Best Casino.

CambodiaWednesday, Jan 03, 2018

Australia-listed Donaco International said it has won a court injunction to close the Star Paradise casino in Cambodia, which it says is operating in violation of a non-competition agreement signed when it bought its Star Vegas property in Poipet.

CambodiaThursday, Nov 09, 2017

The number of Chinese tourists visiting Cambodia rose 45.7 percent year-on-year to 841,340 in the first nine months of the year.