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CEO seeks to convert Naga capital to stock

CEO seeks to convert Naga capital to stock

Chen Lip Keong, CEO of NagaCorp Ltd, announced that he would seek to transfer his personal investment of $369 million used for the development of Naga 2 and NagaCity Walk in a concurrent conversion of bonds, according to a filing by the company.

This updated conversion, if accepted by shareholders and market regulators under a whitewash waiver, would see Lip Keong’s stake in the Hong Kong-listed company jump from nearly 40 percent to 70 percent.

A previous application for a whitewash waiver earlier this month would have given Lip Keong a 61 percent stake in the NagaCorp, the operator of NagaWorld, Phnom Penh’s sole licensed casino complex.

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