Stockholders in border-casino operator Donaco International Ltd approved on Monday a proposal that will see one of its investors – a Hong Kong-based investment fund – acquire 100 percent of Donaco’s shares.
In a filing to the Australian Securities Exchange, Donaco stated that the majority of the firm’s shareholders “voted in favour of On Nut Road Ltd’s proposed acquisition of 100 percent of the shares in Donaco that it does not already own via a scheme of arrangement”.
In the announcement, Donaco said 98.11 percent of votes cast by Donaco shareholders “were in favour of the scheme”; and 77.50 percent of Donaco shareholders present and voting – in person or by proxy, attorney or corporate representative – “voted in favour of the scheme”.
Australia-listed Donaco runs the DNA Star Vegas resort at Poipet, on Cambodia’s border with Thailand; and the Aristo International Hotel (pictured in a file photo) at Lao Cai, in Vietnam, near that country’s border with China.
In mid-March, Donaco said it had “entered into a binding scheme implementation deed” with On Nut Road for the latter’s proposed acquisition of 100 percent of the shares in Donaco that it does not already own, via a scheme of arrangement for AUD0.045 [US$0.028] cash per Donaco share.
On Nut Road is described 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.
According to Monday’s filing, the scheme remains subject to the approval by the Supreme Court of New South Wales at a hearing scheduled for Thursday (August 7), as well as “certain other customary conditions”.
If the outstanding conditions are satisfied or waived prior to a second court hearing, and the court approves the scheme, Donaco expects the scheme to be effective on Friday, with its shares to be suspended from trading in the Australian bourse that same day.
“Implementation of the scheme is expected to occur on Tuesday, 19 August 2025,” stated the company.
