NagaCorp CEO Chen Lip Keong has increased his shareholding in the company with the purchase of 5.4 million shares for a total consideration of HK$39.6 million.
In a filing to the Hong Kong Stock Exchange overnight, NagaCorp said that Dr Chen had completed the on-market purchase of the shares, lifting his total stake in the company to approximately 2.86 billion, representing 65.84% of NagaCorp’s issued share capital
Dr Chen gained control of the company last August after exercising conversion rights in respect to TSCLK Complex Convertible Bonds and NagaCity Walk Convertible Bonds issued to him in 2016. The TSCLK Complex Convertible Bonds were originally issued to him following the acquisition of his former company TSC Inc by NagaCorp.
TSC holds the rights to the neighboring TSCLK Complex, better known as Naga2, which launched late last year. The NagaCity Walk Convertible Bonds relate to a separate deal which saw NagaCorp acquire City Walk Inc, the holding company for the NagaCity Walk project that connects NagaWorld with Naga2.
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