The CEO and largest shareholder of Cambodian casino operator NagaCorp Ltd. will take control of the company by exercising a set of conversion rights regarding a group of convertible bonds, reports GGRAsia.
The transaction, which is subject to approval by the Hong Kong Securities and Futures Commission, will give Chen Lip Keong 61.13 percent of NagaCorp’s entire issued share capital, up from 39.98 percent, the Hong Kong-listed firm stated in a March 28 filing.
NagaCorp operates NagaWorld, a foreigners-only casino resort in the capital city of Phnom Penh.
