NagaCorp announces share award scheme

The market value of the proposed initial grant is US$22.1m.
The market value of the proposed initial grant is US$22.1m.

The casino operator has announced the award to incentivise key employees.

Hong Kong.- Casino operator and developer NagaCorp, which runs the NagaWorld complex in Cambodia, has announced it will award nearly 19.23m shares to employees, including to the firm’s directors.

The total market value of the proposed initial grant is US$22.1m, according to the firm’s filing.

Pending the approval of the company’s independent shareholders, nearly 10.23m shares would go to NagaCorp’s directors, and 9.0m to other employees.

NagaCorp said it had adopted the share award scheme to “continue to attract skilled and experienced personnel, to incentivise them to remain with the group, and/or to recognise their contribution to the group by providing them with the opportunity to obtain equity interests in the company.”

Participants of the Share Award Scheme will include directors and directors of the subsidiaries and employees that the board considers have contributed or will contribute to the group.

The company said that details will be sent to shareholders on or before February 5 2021.

NagaCorp has plans for a new US$350m non-gaming resort to be built at Angkor Wat, Siem Reap. Moody’s graded the project as “credit negative.”

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