{"id":32039,"date":"2022-07-25T02:27:49","date_gmt":"2022-07-25T05:27:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32039"},"modified":"2026-04-23T06:36:10","modified_gmt":"2026-04-23T09:36:10","slug":"nagacorps-founder-transfers-shares-to-family-trust","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nagacorps-founder-transfers-shares-to-family-trust","title":{"rendered":"NagaCorp\u2019s founder transfers shares to family trust"},"content":{"rendered":"\n

Chen Lip Keong, NagaCorp\u2019s founder, established the Sakai Trust to facilitate succession planning.<\/p>\n\n\n\n\n\n\n\n

Cambodia.- Casino operator and developer\u00a0NagaCorp<\/strong>\u00a0has 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.<\/p>\n\n\n\n

According to a company filing,\u00a0the Sakai Trust is a family trust established by Chen\u00a0<\/strong>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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

In April,\u00a0NagaCorp<\/a>\u00a0announced a change in its senior-level management by adding three CEOs \u2013 founder Chen Lip Keong\u2019s sons. Lip Keong is now senior chief executive of the company.<\/p>\n\n\n\n

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<\/strong>. <\/p>\n\n\n\n

NagaCorp posts GGR of US$237.4m for H1<\/h2>\n\n\n\n

NagaCorp<\/strong> 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.<\/p>\n\n\n\n

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\u00a0a US$77.2m loss for the first half of 2021<\/a>. NagaCorp\u2019s total revenue was US$243m, up 86.3 per cent from US$130.4m.\u00a0<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chen Lip Keong, NagaCorp\u2019s founder, established the Sakai Trust to facilitate succession planning.<\/p>\n","protected":false},"author":176,"featured_media":18779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"NagaCorp's founder, Chen Lip Keong, has transferred approximately 67% of his controlling stake to The Sakai Trust, a family trust established for succession planning. This move follows recent senior management restructuring, which saw his three sons appointed as CEOs across key operational, financial, and hospitality verticals. Concurrently, NagaCorp reported robust H1 2022 financial results, with significant GGR growth driven by the mass and premium mass segments, despite a decline in VIP GGR.","focusai_entities":"Chen Lip Keong, NagaCorp, The Sakai Trust, ChenLa Foundation, Chen Yiy Fon, Chen Cherchi, Chen Yiy Hwuan, NagaWorld","focusai_location":"Cambodia","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.9), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Trust's Governance Impact?","query":"How will the establishment of The Sakai Trust and the subsequent share transfer impact NagaCorp's corporate governance framework and future capital allocation strategies?"},{"label":"Succession's Strategic Shift?","query":"What strategic shifts in market focus or operational priorities are anticipated under the new executive leadership structure, particularly concerning the observed GGR segment performance?"}],"footnotes":""},"categories":[157,16333],"tags":[2336],"class_list":["post-32039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32039"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32039\/revisions"}],"predecessor-version":[{"id":32081,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32039\/revisions\/32081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18779"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}