June 15, 2011

NagaCorp plans $369m expansion

[PHNOM PENH POST]

NAGACORP Ltd has announced Phnom Penh expansion plans worth US$369 million, according to a Hong Kong Stock Exchange filing.

NagaCorp, the owner of the capital’s sole casino NagaWorld, has proposed two main projects under the names City Walk Inc and TSC Inc, with construction planned to begin in the third quarter of 2011.

City Walk’s projects include a two-level walkway with retail facilities covering 15,778 square metres called NagaCity Walk, and a 9,934-square metre tourist park sited along the Tonle Bassac River opposite Hun Sen Park.

TSC Inc is the company developing TSCLK Complex, a 97,620-square-metre project with gaming, retail, hotel and conference facilities. TSCLK Complex is slated to be completed in about 2016 near NagaWorld in Tonle Bassac commune.

Both projects will be developed by NagaCorp CEO Chen Lip Keong independently of NagaCorp. Upon completion, the projects will be acquired by NagaCorp in exchange for convertible bonds worth US$369 billion at a conversion price of HK$1.8376 (US$0.24) per share.

Chen Lip Keong building the project independently reduces risk for the HKSE listed firm, the filing claimed.

“[NagaCorp] will not need to bear the development funding, cost escalation and completion risks which are risks borne by [Chen Lip Keong],” the Monday filing said.

“In the event of cost overrun, the Consideration will still be capped at US$369,000,000 and there will not be any pricing adjustments for actual increment of costs incurred by [Chen Lip Keong],” while lower actual costs will also not result in a pricing adjustment.

The firm said the deal would allow NagaCorp to expand its operations and revenues.

“The Directors expect that the Acquisition represents a good investment opportunity for the Company to enlarge its asset base and enhance its source of income and competitiveness.”

Chen Lip Keong currently holds 63.07 percent of the issued share capital of NagaCorp, but he will end up with between 75 percent and 78.92 percent upon conversion of the bonds following the completion of the projects, the filing said.

Forbes magazine in May listed Chen Lip Keong as the 26th richest Malaysian, placing his net worth at $375 million.

Government approval for the projects has already been received, and development is slated to start in the third quarter 2011, according to the filing.

Some US$31.2 million has been spent on the projects to date.

Ministry of Land Management, Urban Planning and Construction officials could not be reached late yesterday for comment.


13 comments:

  1. Hello my family member! I wish to say that this post
    is amazing, nice written and come with approximately all important infos.
    I would like to look more posts like this .



    Feel free to surf to my blog; tobacco e-liquid

    ReplyDelete
  2. I am not sure where you're getting your info, but good topic. I needs to spend some time learning more or understanding more. Thanks for wonderful information I was looking for this information for my mission.

    Also visit my web page - tobacco e-liquids

    ReplyDelete
  3. What's up, its good piece of writing on the topic of media print, we all be familiar with media is a great source of information.

    Look into my website tobacco cigarettes

    ReplyDelete
  4. Hi Dear, are you genuinely visiting this web page daily, if so then you will absolutely
    take good know-how.

    Feel free to surf to my site ... e-cigz

    ReplyDelete
  5. I got this site from my buddy who told me on the topic of this web site and now this time I am browsing
    this site and reading very informative articles at this time.



    Stop by my weblog ... electronic cigarette smoke stick

    ReplyDelete
  6. Very quickly this web site will be famous amid all blog people, due to it's nice articles

    Also visit my blog post ecig

    ReplyDelete
  7. Hello there! Do you know if they make any plugins
    to safeguard against hackers? I'm kinda paranoid about losing everything I've worked hard on.

    Any suggestions?

    Feel free to surf to my blog: tobacco e-liquid

    ReplyDelete
  8. Heya i am for the primary time here. I came across this board and I find It really useful & it helped me out much.
    I am hoping to present one thing again and help others
    such as you aided me.

    Feel free to surf to my web page :: vaping ecigs

    ReplyDelete
  9. fantastic issues altogether, you just won a new reader. What would you suggest about your put up
    that you just made some days in the past? Any sure?


    Feel free to surf to my page: homemade porn

    ReplyDelete
  10. Yesterday, while I was at work, my cousin stole my iphone and tested to see if it can survive a forty foot drop, just so she
    can be a youtube sensation. My apple ipad
    is now destroyed and she has 83 views. I know this is entirely off topic but I had
    to share it with someone!

    my homepage :: real homemade sex

    ReplyDelete
  11. Hi to all, the contents present at this site are truly amazing
    for people knowledge, well, keep up the good work fellows.


    Have a look at my web site quit smoking fags

    ReplyDelete
  12. If some one needs to be updated with most up-to-date technologies after that he must be go to
    see this web page and be up to date every day.

    My web-site :: e-cig ()

    ReplyDelete
  13. Saved as a favorite, I really like your
    website!

    Look into my blog post ... e-cigaret væske :: http://parkfjebon.livejournal.com/600.html :
    :

    ReplyDelete