China says it doesn't need Taiwan's permission to open new air route
| 02:25pm
Macau | Cultural Affairs Bureau head still on sick leave with return date unknown - Secretary Alexis Tam
| 02:25pm
Macau | Heritage classification of shipyards and Lai Chi Wun starts
| 01:50pm
Macau | Record high for international visitors to MSAR
| 01:29pm
Pacquiao says in talks to fight Lomachenko
| 01:23pm
Former Trump aide Bannon refuses to comply with U.S. House subpoena
| 11:45am
Macau | New Director for Judiciary Police appointed
| 10:39am
Ford projects lower-than-expected 2017 profits
| 10:30am
Trump is sharp, but needs to lose weight - White House doctor
| 09:30am
Macau Opinion | Bus tariffs
| 09:30am

Power move

The conversion of bonds relating to two properties in Cambodia has allowed NagaCorp’s Chief Executive to become the majority shareholder in the company

The shareholders from Cambodian gaming operator NagaCorp Ltd. allowed one of the company’s Chief Executives, Chen Lip Keong, to become the group’s major shareholder through the conversion of two groups of convertible bonds, a Hong Kong Stock Exchange release announced yesterday.
According to the filing, in an extraordinary general meeting held on Friday, 91 per cent of NagaCorp’s shareholders – representing more than 775.8 million shares – voted in favour of allowing Mr. Chen to exercise conversion rights on both TSCLK Complex Convertible Bonds and NagaCity Walk Convertible Bonds.
According to a company filing from July 19, convertible bonds for the TSCLK complex had an outstanding aggregate principal amount of US$275 million (MOP2.21 billion), with NagaCity Walk bonds valued at US$94 million.
The conversion of the bonds received a waiver by the Hong Kong Securities and Futures Commission, releasing Mr. Chen of the obligation to make a mandatory general offer for all the issued shares of NagaCorp not already under his control.
This allowed Mr. Chen and ‘parties acting in concert with him’ to increase their share in the company from almost 39 per cent to 65.4 per cent, with public shareholders to hold the remaining 34.6 per cent, in a process expected to be concluded by August 18 of this year.

Cambodia player
Casino operations of the company comprise all gaming activities from NagaWorld, located in the capital city of Cambodia, Phnom Penh. According to its latest financial report on the first half of this year, the group employed nearly 6,400 people stationed in Cambodia, mainland China, Macau, and Singapore.
NagaCity Walk is a property next to NagaWorld, completed in August of 2016 and offering duty-free shopping operated by the China Duty Free Group.
The TSCLK Complex – also known as Naga2 – is undergoing fit-out and is expected to be operational in the fourth quarter of 2017, with the group having invested US$108 million in the acquisition of property, plant, and equipment in the first half of this year.

OPINION

717 POSTS0 COMMENTS
235 POSTS0 COMMENTS
187 POSTS0 COMMENTS
103 POSTS0 COMMENTS