Naga CEO amends bond conversion plan

Founder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is now seeking a concurrent conversion of the TSCLK Complex and NagaCity Walk bonds, rather than his previously planned staggered conversion.

At the end of March, NagaCorp announced that Dr Chen was seeking to gain full control of the casino operator by exercising conversion rights in respect of the TSCLK Complex Convertible Bonds.

According to the company’s filing at the time, the move would result in Dr. Chen increasing his interest in the company from approximately 38.98 percent to approximately 61.13 percent.

However, in the company’s latest filing to the Hong Kong Stock Exchange on Friday, the new proposed concurrent conversions will instead bring Dr. Chen’s interest in the company to around 65.42 percent.

Brokerage Union Gaming notes that while a whitewash waiver will still be required, [it is] more likely that the whitewash waiver will be approved at the July 21st EGM.