NagaCorp draws down most of US$80mln shareholder loan

Jun 03, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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The board of NagaCorp Ltd, operator of NagaWorld (pictured in file photo), a casino resort monopoly in the Cambodian capital Phnom Penh, says that on Friday it drew down US$70 million of an US$80-million shareholder loan it received in October last year.

“The company is confident that with this drawdown, the 2024 notes will be discharged in full upon their maturity,” the firm said in a Sunday filing to the Hong Kong Stock Exchange. It was referring to outstanding notes, maturing in July 2024. The total principal of the notes at issuance was US$472.2 million.

NagaCorp had in October last year got a loan of up to US$80-million at 8.0-percent annual interest, from ChenLipKeong Capital Ltd, a private limited company wholly-owned by The Sakai Trust.

The latter is a discretionary family trust established by the late NagaCorp founder Chen Lip Keong as settlor for the benefit of himself and his family. Mr Chen had been the controlling shareholder and senior chief executive of NagaCorp.

That loan was described as for corporate refinancing and addressing obligations linked to the outstanding 2024 notes.

NagaCorp’s total cash and bank balances stood at US$414.3 million as of March 31 this year, the company mentioned in its first-quarter business updates in an April 3 filing.

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