NagaCorp CEO Assumes Majority Control

Sat, Aug 12, 2017

Chen Lip Keong, CEO of Cambodian casino firm NagaCorp Ltd., has been approved to take majority control of the company stock by the exercising conversion rights on two groups of convertible bonds.

The chief executive officer and leading shareholder in NagaCorp Ltd. will have a majority stake in the Cambodian gaming firm as of this week. Chen Lip Keong and related parties in NagaCorp’s entire issued share capital will increase from 39.98 percent to 65.42 percent, the Hong Kong-listed firm stated. The transaction is expected to be complete on or before August 18, reported GGRAsia.

NagaCorp operates NagaWorld, Cambodia’s largest casino about 125 miles from the capital city of Phnom Penh. NagaWorld serves foreigners only, and bars Cambodian nationals from playing in its casino. More than 91 percent of shareholders approved the deal for Chen.

**GGBNews.com is part of the Clarion Events Group of companies (Clarion). We take your privacy seriously. By registering for this newsletter we wish to use your information on the basis of our legitimate interests to keep in contact with you about other relevant events, products and services which may be of interest to you. We will only ever use the information we collect or receive about you in accordance with our Privacy Policy. You may manage your preferences or unsubscribe at any time using the link in our emails.