NagaCorp defers share awards announced in 2021 once again

The awards announced in 2021 by Hong Kong-registered casino operator NagaCorp Ltd.—amounting to little over 10.2 million shares for directors and 9 million shares for non-connected players—have been further postponed.

The delay was noted in a filing with the Hong Kong Stock Exchange and has now been prolonged to 2024. The post-Covid-19 economic recovery and the slow but steady rebound in tourism, according to NagaCorp, the operator of a monopoly casino complex in Phnom Penh, Cambodia, served as justification for the postponement.

The exact timing of the prizes in the fiscal year that ends in 2024 will be decided by the board based on the group’s performance at the time.

For the first nine months of 2023, NagaCorp reported EBITDA of US$215.4 million, a 17.4% increase over the same time the previous year. The petition states that 1.17 million shares of the 2021 share issuance are being issued in remembrance of Chen Lip Keong, the founder of NagaCorp, who passed away on December 8, 2023.

According to the declaration, the prize may be distributed in line with testacy and distribution laws or by will upon the grantee’s death. Since the first related issue to Dr. Chen is not subject to a vesting period, the board will decide whether the share grant in the founder’s name will be granted in accordance with the regulations of the share award plan.

Original story by: GGRAsia