NagaCorp CEO Chen Lip Keong has further increased his shareholding in the company with the purchase of 5.29 million shares for a total consideration of HK$38.9 million.
In an announcement late Sunday, NagaCorp revealed that Dr Chen had completed the on-market purchase of the shares in three batches between Wednesday 31 October and Friday 2 November, lifting his total stake in the company to approximately 2.87 billion shares representing 66.10% of NagaCorp’s issued share capital, up from 65.84%.
Dr Chen gained control of the company in August 2017 after exercising conversion rights in respect to TSCLK Complex Convertible Bonds and NagaCity Walk Convertible Bonds issued to him in 2016. The TSCLK Complex Convertible Bonds were originally issued to him following the acquisition of his former company TSC Inc by NagaCorp.
TSC holds the rights to the neighboring TSCLK Complex, better known as Naga2, which launched late last year. The NagaCity Walk Convertible Bonds relate to a separate deal which saw NagaCorp acquire City Walk Inc, the holding company for the NagaCity Walk project that connects NagaWorld with Naga2.