Donaco shareholders approve takeover by Hong Kong fund
The scheme’s implementation is expected this month.
Australia.- The casino operator Donaco International has received shareholder approval for the proposed acquisition by Argyle Street Management’s Hong Kong-based special-purpose investment vehicle On Nut Road Ltd. Some 98.11 per cent of votes cast at a shareholder meeting favoured the scheme, representing 77.5 per cent of participating shareholders. The deal now awaits approval from the Supreme Court of New South Wales, with a ruling expected on August 7.
Under the arrangement, On Nut Road will acquire the remaining 87.16 per vent of Donaco it does not already own, paying AUD0.045 (US$0.028) per share. If cleared, Donaco’s shares will be suspended from the Australian Securities Exchange on August 8, with implementation of the scheme slated for August 19.
An independent review by BDO Corporate Finance deemed the offer “fair, reasonable and in the best interests of shareholders”. It offers a 50 per cent premium over Donaco’s share price prior to the announcement.
Donaco operates the DNA Star Vegas resort in Poipet, Cambodia, and the Aristo International Hotel in Lao Cai, Vietnam. The company has seen challenges sine the pandemic. More recently, its flagship Cambodian property saw a steep revenue decline due to border and power supply disruptions. In Q2 2025, group EBITDA dropped 57 per cent year-on-year, with revenue at Star Vegas down to AU$4.31m (US$2.79m).
