GGRAsia – Representatives of institutional investor join Donaco board

Representatives of institutional investor join Donaco board

Aug 13, 2019 Newsdesk Latest News, Top of the deck, World

Donaco International Ltd, an operator of casinos in Indochina, says it has appointed two new non-executive directors, Leo Chan Yan Ho and Kurkye Wong.

Donaco told the Australian Securities Exchange on Tuesday that Mr Chan and Mr Wong were representatives of Argyle Street Management Ltd, an institutional investor.

Argyle Street Management was founded in Hong Kong in 2002 and now manages assets worth about US$1.7 billion, according to Tuesday’s filing. Mr Chan is an executive director of Argyle Street Management and Mr Wong is a vice-president of the company.

Donaco told the stock exchange that Argyle Street Management subsidiary One Nut Road Ltd had agreed to pay AUD0.14 a share (US$0.10) for 158,574,603 shares in Donaco on or before September 9. The shares represent a 19.25-percent stake in the Asian boutique casino operator.

Donaco said it intended to appoint another independent non-executive director in the near future.

In July the shareholders of Donaco voted at an extraordinary general meeting called by three shareholders to remove from the board Joey Lim Keong Yew and Ben Lim Keong Hoe, who are brothers belonging to the family that founded Malaysian gaming company Genting Bhd.

Mr Joey Lim is the founder of Donaco, and was its managing director and chief executive until March 19.

Mr Ben Lim then became acting chief executive, serving until the middle of June.

A company spokesman told GGRAsia shortly after their removal: “We are refreshing the board, with the recent appointment of David Green as an independent non-executive director. And we are refreshing the management team, with the appointment of Paul Arbuckle as our CEO.”

Donaco runs one casino in Vietnam, near the Chinese border, and another in Cambodia, near the Thai border.