Former foe joins Donaco board

Donaco International has appointed the Thai vendor of its Star Vegas property in Cambodia to its board of directors as part of an accord for underwriting a share issue in the company.

Lee Bug Huy, also known as Techatut Sukcharoenkraisri and another Thai businessman, Paul Porntat Amatavivadhana, became non-executive directors effective from 3 August 2020

That was the date the underwriting accord was completed.

Amatavivadhana is a founding principal and CEO of Infinite Capital, a boutique corporate advisory firm based in Bangkok. He has considerable experience in mergers & acquisitions, corporate restructuring and capital raisings. He is also an independent director at Sansiri Plc, one of the largest real estate developers in Thailand, which is listed on the Stock Exchange of Thailand. 

Huy is described as being a Vice President at the Casino at Star Vegas Casino & Resorts Co, Ltd where he has been responsible for developing the model for the slot machine business. 

Donaco International raised A$14.4 million ($10.2 million) before costs through an entitlement offer. The offer was fully underwritten by the two businessmen, who raised their stakes from 42.12 percent from 17.99 percent.

The Australia-listed company has previously been in litigation with Lee Bug Huy, which was finally settled in March this year.