Southeast Asian casino operator Donaco International Limited says it has completed full repayment of an AU$131 million (US$100 million) loan acquired in 2015 from its main lender, Mega International Commercial Bank Co Ltd – fulfilling an agreement it signed in July.
According to a Wednesday filing, a final US$1.8 million instalment was paid on 30 December 2021, with Donaco having previously redrawn AU$26.3 million (US$20 million) in 2016 and refinanced AU$75.0 million (US$57 million) in 2017 for a combined US$120 million in borrowings.
“Donaco is pleased to confirm that there is no more outstanding loan balance owed to its lender Mega Bank,” the company said, adding it “continues to preserve a robust balance sheet and maintain prudent cost control as it awaits for the COVID-19 pandemic to ameliorate in Vietnam and Cambodia.”
Donaco had previously reached an agreement with Mega Bank to repay the remaining balance of its loan by the end of 2021, aided by a US$8.2 million shareholder loan from its CEO and Executive Director, Lee Bug Huy – aka Techatut Sukcharoenkraisri.
The original loan from Mega Bank formed part of Donaco’s funding arrangements for the acquisition of Star Vegas, located in Poipet, Cambodia, in 2015.
Donaco also operates Aristo International Hotel in northern Vietnam.
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