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.