NagaCorp CEO plans for full control

Chief Executive Officer of Cambodian gaming operator NagaCorp Ltd, Chen Lip Keong, is mulling to take full control of the company by exercising conversion rights of a group of convertible bonds, according to a filing of the company yesterday.
The announcement reads that Mr. Chan intends to ‘exercise the conversion rights in respect of the TSCLK Complex Convertible Bonds in full – in the outstanding aggregate principal amount of US$275 [million] (MOP2.2 billion).’
The group of bonds is part of the consideration payable of US$369 million for the company’s previous purchase of the entire issued share capital of two companies owned by Mr. Chen – TSC Inc. and City Walk Inc. that respectively owned the TSCLK Complex Project (also known as Naga2) and the NagaCity Walk Project.
Mr. Chen’s stake in the company is expected to increase to 61.13 per cent from the current 31.98 per cent following the conversion of the TSCLK convertible bonds.
The same announcement reads that the businessman, however, did not intend to convert the other group of convertible bonds for the time being, which could further expand his stake in the company to 69.83 per cent.
The TSCLK Complex, the company’s new integrated resort that is undergoing fit-out, is next to the company’s current casino property NagaWorld in Phnom Penh of Cambodia. The two casino resorts will be connected by NagaCity Walk, that has been opened since last August.
According to the company’s annual report earlier this month, the TSCLK Complex is expected to be operational within this year.