Hong Kong-listed NagaCorp has almost fully used an $80-million shareholder loan received in October last year.
In a filing submitted with the Hong Kong Stock Exchange, NagaCorp revealed it had withdrew $70 million from the loan on May 31st, which was provided initially by ChenLipKeong Capital Ltd, a company owned by The Sakai Trust, a family trust established by the late NagaCorp founder Chen Lip Keong.
The former CEO of NagaCorp designed the loan for corporate refinancing and addressing obligations linked to the $472.2 million in outstanding notes set to reach their maturity in July 2024, with no guarantees or security provided for the loan.
NagaCorp holds a casino monopoly concession for the Cambodian capital Phnom Penh, where it runs the NagaWorld complex.
NagaCorp’s cash and bank balances totaled $414.3 million as of March 31, 2024, according to its first-quarter business updates, with the company having recorded a 23.7 percent increase in gross gaming revenue (GGR) compared to the same period last year, reaching over $145 million.
The decision comes shortly after the group recently announced that Chen Cherchi, one of three sons of founder Chen Lip Keong, would no longer serve as CEO or in any other executive position in the company or its subsidiaries effective from May 16th.
