Nearly 67% of the issued shares in Nagakov Inc., a casino operator held directly or indirectly by founder Chen Li-kyung, have been transferred to a family trust he established "for the purpose of his succession plan".
Nagakov operates the Nagarwold casino complex (pictured) in Cambodia's capital Phnom Penh under a long-term exclusive license, according to a filing with the Hong Kong Stock Exchange on Friday.
Shortly before the July 19-20 share transfer event, Sakai Trust's trustee indirectly held 2.55% of Naga Inc's issued share capital.
Following the exercise, the trust directly or indirectly holds 69.23% of Nagakov's outstanding shares.
Under the trust transition, Mr Chen held just over 1.94 billion shares in his own hands, representing 44.76% of the issued share capital. And through a vehicle called the Chenra Foundation, he held just under 951.8 million shares in indirect possession, representing 21.93% of the issued share capital.
In April, Nagakov said it had appointed three more people who were designated at the same time for chief executive roles. The three are the sons of founder Chen, who has been re-designated as "chief executive" since April 5.
BY: 메이저사이트