• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Lim brothers removed from Donaco’s board

Jul 18, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Lim brothers removed from Donaco’s board

Shareholders of Australian operator of Southeast Asian casinos Donaco International Ltd have voted to remove directors Joey Lim Keong Yew (pictured) and Ben Lim Keong Hoe from the firm’s board.

The vote was held on Thursday at an extraordinary general meeting called by three shareholders that had asked for shake-up of Donaco’s board.

Donaco said in a filing to the Australian Securities Exchange (ASX) that more than 90 percent of the votes cast in Thursday’s meeting were in favour of the removal of the Lim brothers from the company’s board.

Mr Joey Lim is the founder and a former managing director and chief executive of Donaco. He was the chief executive and managing director of the company until March 19 when his employment was terminated “with immediate effect”. During his absence, Mr Ben Lim had stepped in as acting CEO. The brothers are scions of the family that founded Malaysia’s casino conglomerate Genting.

The firm appointed a new CEO, Paul Arbuckle, with effect from June 12.

In June, Donaco told the ASX that it had received a notice from shareholders Spenceley Management Pty Ltd – as trustee for, respectively, the Spenceley Family Trust and the Spenceley Family Superannuation – and from Antonia Caroline Collopy, calling for an extraordinary general meeting to consider resolutions to remove the Lim brothers from the board. The shareholders hold a combined stake of 5.04 percent of Donaco’s shares.

Investor James Spenceley and entities linked to him control circa 4.68 percent of Donaco. Mr Spenceley had been quoted by the Australian Financial Review newspaper as saying the exit of Mr Joey Lim Keong and his brother from the Donaco board “needs to happen for the company to get back on investor watch lists”.

Mr Spenceley has since May last year been the chairman of another Australia-listed Asian regional casino operator, Silver Heritage Group Ltd.

The two firms are not directly competing: Silver Heritage has its main business in a casino on Nepal’s border with India; Donaco has its main business in a venue called Star Vegas Resort and Club at Poipet, on Cambodia’s border with Thailand. But all Asian casinos are interested in vying for a finite pool of gamblers, particularly VIP ones, according to investment analysts.

A third party – that since late June controls a 19.25-percent stake in Donaco – has asked for two seats on the firm’s board. The stake had been held by a creditor to companies owned by Mr Joey Lim. The casino firm stated at the time that the size of stake involved would “under normal circumstances” entitle the holder to only one seat on the Donaco board, and that the company would prefer its board to be composed of a majority of independent directors.

Donaco said last month it expected to make a statutory net loss in its current financial year, adding that no dividends or buybacks would be permitted in its next financial year.


  • tweet
Related articles
  • Blackstone amends terms to Crown bid over gaming licences
    Blackstone amends terms to Crown bid...

    Apr 13, 2021  

  • NagaWorld host city in night curfew Apr 1 to 14: reports
    NagaWorld host city in night curfew Apr...

    Apr 06, 2021  

More news
  • Macau seeks mutual vaccine recognition with Guangdong: CE
    Macau seeks mutual vaccine recognition...

    Apr 13, 2021  

  • Three Manila casinos say still shut despite eased lockdown
    Three Manila casinos say still shut...

    Apr 13, 2021  


Latest News

Macau seeks mutual vaccine recognition with Guangdong: CE

Macau seeks mutual vaccine recognition with Guangdong: CE

Apr 13, 2021  

The Macau government is discussing with mainland China’s central authorities the possibility to trial a plan for a “mutual recognition” system of Covid-19 vaccination between Macau and its...
Read More
Blackstone amends terms to Crown bid over gaming licences

Blackstone amends terms to Crown bid over gaming licences

Apr 13, 2021  

Three Manila casinos say still shut despite eased lockdown

Three Manila casinos say still shut despite eased lockdown

Apr 13, 2021  

Galaxy Cinemas brand update as UA Cinemas exits trading

Galaxy Cinemas brand update as UA Cinemas exits trading

Apr 13, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”An integrated resort in this historic region will create opportunities to promote Kyushu and inbound tourism, increase international MICE demand and further develop the economies of the region and the rest of Japan”

Yutaka Aso

Chairman of the Kyushu IR Promotion Council



Most Popular

  • Philippines needs AML reform on casino biz: IMFPhilippines needs AML reform on casino biz: IMF April 12, 2021
  • Macau casino 1Q EBITDA softer sequentially: MSMacau casino 1Q EBITDA softer sequentially: MS April 12, 2021
  • Manila quarantine easing to April 30, casinos shut for nowManila quarantine easing to April 30, casinos shut for now April 12, 2021
  • Guangdong urges cross-border bet criminals to surrenderGuangdong urges cross-border bet criminals to surrender April 9, 2021
  • Three Manila casinos say still shut despite eased lockdownThree Manila casinos say still shut despite eased lockdown April 13, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us