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Naga exec successful in investment conversion

Naga exec successful in investment conversion

Nagacorp Chief Executive Chen Lip Keong has secured his 65 percent stake in the company after the Hong Kong Stock Exchange approved a whitewash waiver that allowed him to convert his $369 million of personal investment into the development of NagaCity Walk and Naga2 into bonds, according to an afterhours trading announcement by the company on Tuesday.

Previously, Lip Keong held a 40 percent stake in the company that operates Phnom Penh’s sole licensed casino complex.

NagaCity Walk, a duty-free shopping complex, opened in August 2016 with the Naga2 hotel and casino building set to open in October. The two investments are valued at $3.1 billion.

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