NagaCorp’s founder transfers shares to family trust

Chen Lip Keong, NagaCorp’s founder, established the Sakai Trust to facilitate succession planning.

Cambodia.- Casino operator and developer NagaCorp has announced that its controlling shareholder and executive director, Chen Lip Keong, has completed the transfer of nearly 67 per cent of his directly or indirectly held shares to The Sakai Trust.

According to a company filing, the Sakai Trust is a family trust established by Chen for the purposes of succession planning. The Trustee is entrusted with legal title to the trust assets for the benefit of Chen and his family.

The trustee of Sakai Trust indirectly held 2.55 per cent of NagaCorp’s issued share capital prior to the share transfer. Upon exercise, the trust will directly or indirectly hold 69.23 per cent of the outstanding shares of NagaWorld.

Chen transferred his direct holding of slightly more than 1.94 billion shares, representing 44.76 per cent of the issued share capital. He also transferred nearly 951.8 million shares indirectly held by him through the ChenLa Foundation, representing 21.93 per cent of the issued share capital. 

In April, NagaCorp announced a change in its senior-level management by adding three CEOs – founder Chen Lip Keong’s sons. Lip Keong is now senior chief executive of the company.

Chen Yiy Fon has been appointed as CEO of operations; Chen Cherchi as CEO of finance and treasury and Chen Yiy Hwuan is CEO of hotels. The company said the move aimed to inject new vitality into management. 

NagaCorp posts GGR of US$237.4m for H1

NagaCorp posted gross gaming revenue of US$52.7m for the first half of the year, up 83.6 per cent when compared to H1 in 2021.

The company reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$130.1m and a net profit of US$52.7m compared with a US$77.2m loss for the first half of 2021. NagaCorp’s total revenue was US$243m, up 86.3 per cent from US$130.4m. 

GGR from the VIP market declined 72.1 per cent to US$17.2m while mass-market table GGR was up 245.8 per cent to US$103.3m. Premium mass-market table GGR reached US$61.3m during the first half of the year.