NagaCorp announces founder family trust continues to hold 69% of gaming group
In the wake of Chen Lip Keong’s death, NagaCorp said that 69.26 percent of the gaming group is directly and indirectly owned by the Sakai Trust, a family trust that Chen established.
The Sakai Trustee owns the shares via its wholly-owned companies. The assets of the family trust, which was established for Chen’s benefit during the succession planning process, are now legally owned by the trust.
The shares were moved to this trust in July of 2022. The NagaCorp board of directors did not disclose any further changes to the senior management group, with the exception of renaming Chen Yiy Fon as CEO.
The board emphasized that the trust’s prior agreement to lend $80 million to NagaCorp for refinancing and/or discharging a part of the existing 2024 Notes at maturity would be unaffected in any significant way by Chen’s passing.
NagaCorp is the operator of NagaWorld, a monopoly casino resort located in Phnom Penh, Cambodia.
Original story by: Asia Gaming Brief
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