• 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

Receivers sell off some Donaco shares held by Lim brothers

Jun 27, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Receivers sell off some Donaco shares held by Lim brothers

Receivers have sold off two tranches of ordinary shares in boutique Asian casino operator Donaco International Ltd that had been held by its former chief executive Joey Lim Keong Yew, and his brother Ben Lim Keong Hoe. Mr Ben Lim had stepped in as Donaco’s interim CEO until earlier this month, when the company named Paul Arbuckle its new chief executive.

The stock sales – conducted in on-market transactions on June 19 and filed to the Australian Securities Exchange (ASX) on Wednesday – saw the proceeds go to OCP Group, the abbreviated name for OL Master (Singapore Fund 1) Pte Ltd. OCP Group is also a creditor of an entity controlled by Mr Joey Lim, a scion of the Malaysian business family that founded the Genting casino brand.

The first tranche – controlled by Mr Joey Lim – involved just under 65.9 million shares and realised nearly AUD7.16 million (US$5 million) based on a price of AUD0.11 per share.

The second tranche controlled by Mr Ben Lim, involving just over 8.9 million ordinary shares at the same price, realised AUD981,793 for OCP Group.

OCP Group acquired in December 2018 a nearly 10-percent stake in Donaco but Australia’s Takeovers Panel said last month that the transactions occurred in “unacceptable” circumstances.

According to the Takeovers Panel, at relevant moments “the market was not aware” that OCP Group was already a senior secured creditor of a company controlled by Joey Lim, and that the business was already in December in default of his credit deal with OCP Group.

In mid-March, Donaco said it had terminated the employment of Mr Joey Lim “with immediate effect”.

Earlier this week Donaco said it had been able to rejig a term loan with Mega International Commercial Bank Co Ltd of Taiwan.

But in the same Monday filing to the ASX the company said 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
  • Donaco states Star Vegas dispute ‘formally concluded’
    Donaco states Star Vegas dispute...

    Jan 12, 2021  

  • Mega Bank okays Donaco deal with Star Vegas vendors
    Mega Bank okays Donaco deal with Star...

    Dec 23, 2020  

More news
  • Cotai expansion to aid Macau EBITDA to 2019 level: CICC
    Cotai expansion to aid Macau EBITDA to...

    Jan 26, 2021  

  • Nüwa CoD Macau reopening delayed beyond Feb 8
    Nüwa CoD Macau reopening delayed...

    Jan 26, 2021  


Latest News

Cotai expansion to aid Macau EBITDA to 2019 level: CICC

Cotai expansion to aid Macau EBITDA to 2019 level: CICC

Jan 26, 2021  

Macau casino-sector earnings before interest, taxation, depreciation and amortisation (EBITDA) could return to 2019 levels “as soon as” the fourth quarter of this year, “partly helped by...
Read More
Nüwa CoD Macau reopening delayed beyond Feb 8

Nüwa CoD Macau reopening delayed beyond Feb 8

Jan 26, 2021  

Crane affirms 1Q dividend, reports 4Q 2020 profit

Crane affirms 1Q dividend, reports 4Q 2020 profit

Jan 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The travel impediments [in mainland China] will lead to reduced visitation into Macau for the next few weeks at least, with Chinese New Year visitation being impacted"

Vitaly Umansky, Tianjiao Yu and Kelsey Zhu

Analysts at Sanford C. Bernstein Ltd



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
  • Macau Covid-19 case no bar to mainland travel tiesMacau Covid-19 case no bar to mainland travel ties January 22, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Yokohama announces RFP timeline for casino bidYokohama announces RFP timeline for casino bid January 22, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us