Nagacorp CEO aiming to gain control

Founder, controlling shareholder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is looking 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 to the Hong Kong Stock Exchange, the move would result in Dr. Chen increasing his interest in the company from approximately 39.98 percent to approximately 61.13 percent.

The conversion of the bonds is subject to the granting of the Whitewash Waiver by the executive director of the Corporate Finance Division of the Securities and Futures Commission of Hong Kong, as well as approval by the independent shareholders with regards to the conversion of the TSCLK Complex Convertible Bonds, which will be decided at the EGM.