NagaCorp defers award of US$19 million in shares for six months

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Cambodian casino operator NagaCorp has delayed the granting of 19,226,667 Award Shares worth a combined HK$148.6 million (US$19.1 million) to directors of the company due to the ongoing closure of NagaWorld in Phnom Penh.

The Award Shares were approved by shareholders in late February with six directors and several non-connected persons to benefit. Of the 10,226,667 Award Shares, 6 million were designated to Chairman Tim McNally, 3 million to Executive Deputy Chairman Philip Lee Wai Tuck and 1,166,667 to Founder, Controlling Shareholder and CEO Dr Chen Lip Keong.

However, just days after the companys EGM, NagaWorld suspended operations after 11 employees tested positive to COVID-19 as part of a mass testing regime. Almost four months later, NagaWorld is yet to reopen.

On Friday, NagaCorp said it has now chosen to defer the grants of all Award Shares by six months until no later than 31 December 2021.

The company, which recently confirmed it was laying off around 600 employees due to financial hardships brought about by the COVID-19 pandemic, earlier this month completed a US$200 million notes issue to raise further liquidity in response to the ongoing closure of NagaWorld.