[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.
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