Nagacorp says $3.5b Naga 3 expansion counts as an acquisition

Nagacorp said that after discussions with the Hong Kong Stock Exchange it is clarifying that its $3.5 billion expansion plan for Naga 3 counts as an acquisition of assets under listing rules.

It says since the Guaranteed Maximum Sum Design and Build Agreement is a single contract and is in substance a “very substantial acquisition,” by the company, it is therefore subject to shareholder approval.

The operator said an extraordinary general meeting will be convened to consider the transaction as soon as possible.

The Naga 3 Project is set to deliver greater gaming and non-gaming spaces, comprising of amenities and facilities not available at Naga 1 and 2, including high-tech virtual reality interactive indoor theme parks, more shopping, and MICE facilities and family recreational areas.

The project will also consist of five distinct hotel towers, with some managed by well-known international hotel brands.

In its gaming space, the property feature NagaCorp’s “Casino Cell Concept” – large casino spaces are broken down into smaller spaces, each with its own entertainment, food and beverage and other integrated services.