• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 28 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

NagaCorp says passing of founder won’t affect recent shareholders loans and agreements

Ben Blaschke by Ben Blaschke
Wed 13 Dec 2023 at 03:40
NagaWorld

NagaWorld

23
SHARES
567
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed NagaCorp said Tuesday that it does not expect the passing of its founder, controlling shareholder and Group CEO, Dr Chen Lip Keong, late last week to impact recent loans and subscription agreements he had provided the company.

In a filing, the parent company of Cambodian integrated resort NagaWorld in Phnom Penh addressed concerns over a US$80 million shareholders’ loan provided by Dr Chen in October, which is seen as a key to NagaCorp being able to refinance outstanding notes due 2024.

The loan was officially provided to NagaCorp by a wholly-owned subsidiary of The Sakai Trustee – a family trust established by Dr Chen for the purposes of succession planning and which holds a 69.26% share of the company.

NagaCorp said Tuesday that, to the best of its knowledge, the passing away of Dr Chen will not have any material impact on the loan agreement, and the Board is not aware of any circumstance that will or could prevent the Loan Agreement from remaining in full force and effective.

The company issued a similar statement in regard to a subscription agreement entered into between the Company and ChenLipKeong Fund Limited in 2019 by which another entity under The Sakai Trustee agreed to subscribe for 1,142,378,575 Settlement Shares in order to help fund development of the US$3.5 billion Naga 3 project. While completion of Naga3 has been postponed until 2029, NagaCorp said it does not expect Dr Chen’s passing to have a material impact on the Subscription Agreement.

Nor does it expect any potential changes to the group’s senior management team, other than for the appointment of one of Dr Chen’s sons, Chen Yiy Fon as new Group CEO.

“The current management team continues to receive the full support of the Board,” it said. “The senior management under the leadership of Mr Chen Yiy Fon will continue to lead the Company to success by adhering to the business strategies laid down by the Board.”

Dr Chen passed away last Friday following a long illness.

RelatedPosts

Sons of NagaCorp founder Chen Lip Keong join Forbes list of Malaysia’s richest

Surging mass market sees NagaCorp gaming revenues, profit enjoy double-digit growth in 1H25

Tue 26 Aug 2025 at 05:30
Donaco looks inward as Lee Bug Huy named new CEO

Donaco’s Star Vegas impacted by Thai border closures in June quarter as revenue, profit falls

Wed 30 Jul 2025 at 10:32
Cambodia’s Hun Sen expected to hand over to son Hun Manet after maintaining power in controversial election

Exiled Cambodian opposition leader alleges Hun Sen’s Thailand fight sparked by fear of losing casino, scam-based revenue streams

Sun 29 Jun 2025 at 17:49
Foreign tourists among those banned by Thailand from travelling to Cambodia to gamble

Foreign tourists among those banned by Thailand from travelling to Cambodia to gamble

Tue 24 Jun 2025 at 06:02
Load More
Tags: Cambodiachen lip keongChen Yiy FonNagaCorpNagaWorld
Share9Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

IEC issues profit warning on widened losses through December 2021

IEC falls to US$36 million loss in FY25 but 200% increase in gaming revenues suggests bright future for Manila IR project

by Ben Blaschke
Sat 27 Sep 2025 at 11:56

Hong Kong-listed International Entertainment Corp (IEC) said it remains confident in the long-term prospects of its Manila hotel and casino project after booking a 200% year-on-year increase in gaming revenue in the 12 months to 30 June 2025. While increased...

1xBet celebrates role as industry flagship at SBC Summit 2025

1xBet celebrates role as industry flagship at SBC Summit 2025

by Newsdesk
Sat 27 Sep 2025 at 11:32

Global sports betting brand 1xBet has celebrated its participation in this year’s SBC Summit, noting that its standing as Premium Sponsor highlighted the company’s role in industry growth and the significance of the European region for the brand. 1xBet said...

Football the focus as Vietnam revises sports betting decree

Vietnam considering revised US$380 daily betting cap on international football

by Newsdesk
Sat 27 Sep 2025 at 09:06

Vietnam’s Ministry of Finance wants to update the maximum amount individuals can bet on international football matches per day, with the current VND1 million (US$38) allowed per category to be replaced by a daily limit of VND10 million (US$380), according...

FBM to unveil multiple slot title premieres at G2E in Las Vegas

FBM to unveil multiple slot title premieres at G2E in Las Vegas

by Newsdesk
Sat 27 Sep 2025 at 08:45

Industry supplier FBM has outlined the product range it will showcase at the upcoming Global Gaming Expo (G2E) in Las Vegas, headed by new slot titles “Lanterns of Fu” and Hippo’s Lock”. Located in Booth 2848, FBM said it would...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English