Logo of Phnom Penh Post newspaper Phnom Penh Post - Naga CEO Lip Keong seeking majority stake

Naga CEO Lip Keong seeking majority stake

Naga CEO Lip Keong seeking majority stake

Nagacorp Ltd, the operator of Phnom Penh’s NagaWorld hotel and casino complex, announced that the company’s chief executive, Chen Lip Keong, has submitted a proposal to shareholders and the Hong Kong Stock Exchange that would allow him to divest his personal investment of $369 million used for the development of Naga 2 and NagaCity Walk in return for a majority stake in the company, according to a company release.

The transaction, if accepted by shareholders and market regulators, would see Lip Keong’s investment into the development returned as convertible bonds through a whitewash waiver – a corporate practice that requires independent shareholders to accept a mandatory takeover of their shares.

If approved, Lip Keong’s stake in Nagacorp would increase from about 40 percent to nearly 60 percent. The release added that with the two developments being valued at $3.1 billion, full acquisition of the properties into Nagacorp’s portfolio would allow for further growth in revenue once completed and operational.

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’