Southeast Asian casino investor Donaco International Limited has announced the addition of Yan Ho Leo Chan and Kurkye Wong as new non-executive directors of the company.
The duo are representatives of Argyle Street Management Limited (ASM), an institutional investor whose subsidiary, On Nut Road Limited, acquired a 19.25% stake in Donaco in July.
ASM and Donaco had entered into negotiations regarding the makeup of the Donaco board after shareholders voted out founders Joey and Ben Lim at a recent Extraordinary General Meeting. Notably, ASM’s 19.25% stake represented a majority of the 27.25% stake seized from Joey Lim by Asian investment firm Orchard Capital Partners earlier this year after he defaulted on a loan repayment last November.
According to a Donaco announcement this week, it two new board members also sit on the board of ASM with Chan, an Executive Director, boasting more than 13 years’ experience in making and managing investments throughout Asia.
Wong, who has previously worked at KPMG and FTI Consulting in Hong Kong, is Vice President at ASM and holds a Bachelor of Business from the Queensland University of Technology, a Juris Doctor from the Chinese University of Hong Kong and a Master’s Degree in Financial Engineering from Stanford University.
Donaco said it plans to complete its Board renewal process by appointing an additional independent non-executive director in the near future, having already added veteran gaming industry consultant David Green in April.
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