The Founder, Controlling Shareholder and CEO of NagaCorp, Dr Chen Lip Keong, has transferred a controlling stake in the company to his family trust.
NagaCorp, operator of NagaWorld in Phnom Penh, Cambodia, announced late Friday that Dr Chen has transferred 1,943,107,166 shares directly held by him and representing 44.76% of issued share capital, 789,534,854 shares indirectly held by him through ChenLa Foundation and representing 18.19% of issued share capital, and 162,260,443 shares indirectly held through ChenLa Foundation’s wholly-owned subsidiary LIPKCO ENTERPRISES LIMITED, representing 3.74% of issued share capital, to the trustee of the Sakai Trust.
The trust had, prior to the transfer, held around 2.55% of NagaCorp shares but has seen that amount grow to 69.23%.
The Sakai Trust is described as “a family trust established by Dr Chen as settlor for the purposes of succession planning.” Dr Chen and his five sons – Chen Yiy Hwuan, Chen Yiy Fon, Chen Yepern, Chen Cien Then and Chen Cherchi – are directors of Sakai Global, the sole shareholder of the trustee.
In a filing, NagaCorp said the trustee and Sakai Global have been granted a waiver from a Hong Kong Stock Exchange requirement to make a mandatory general offer to acquire all issued shares in the company. It also said it does not expect the share transfers to have any adverse impact on the business of the company as a whole.
NagaCorp last week reported a net profit of US$52.7 million for the six months to 30 June 2022, reversing a US$77.2 million loss recorded a year earlier in the wake of the COVID-19 pandemic.
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