Australia-listed casino operator Donaco International Ltd says one of the country’s courts approved on Thursday the use of a so-called scheme of arrangement that would enable complete transfer of the shareholding interest in the company, and see suspension of its shares after trading close on Friday.
Donaco operates the DNA Star Vegas casino resort in Poipet, Cambodia, on that nation’s border with Thailand, and the Aristo International Hotel (pictured) and its casino, at Lao Cai, on Vietnam’s border with China.
Thursday’s filing to the Australian Securities Exchange (ASX) said the Supreme Court of New South Wales “today made orders approving the proposed scheme of arrangement between Donaco and its shareholders under which On Nut Road Ltd will acquire 100 percent of the shares in Donaco that it does not already own”.
Shareholders had given their own assent to the plan on Monday.
The filing said the projected “effective date,” i.e., the last date of trading for Donaco shares on the Australian bourse, would be Friday, with the scheme implementation date expected to be August 19.
On Nut Road has been described in previous Donaco filings as a special-purpose vehicle managed by Argyle Street Management Ltd, a Hong Kong licensed fund manager. On Nut Road had been an investor in Donaco since 2019, currently holding 12.84 percent of Donaco’s issued capital.
Donaco had said in a late July filing that net revenue at DNA Star Vegas fell 31.4 percent sequentially in the three months to June 30, with property-level earnings before interest, taxation, depreciation and amortisation (EBITDA) down 48.9 percent quarter-on-quarter, to AUD1.78 million.
Both performances were “following a border dispute in the region,” between Cambodia and Thaland the firm said.
