The Founder, Controlling Shareholder and CEO of NagaCorp, Dr Chen Lip Keong, has transferred a controlling stake in the company to his family trust.
NagaCorp, operator of NagaWorld in Phnom Penh, Cambodia, announced late Friday that Dr Chen has transferred 1,943,107,166 shares directly held by him and representing 44.76% of issued share capital, 789,534,854 shares indirectly held by him through ChenLa Foundation and representing 18.19% of issued share capital, and 162,260,443 shares indirectly held through ChenLa Foundation’s wholly-owned subsidiary LIPKCO ENTERPRISES LIMITED, representing 3.74% of issued share capital, to the trustee of the Sakai Trust.
The trust had, prior to the transfer, held around 2.55% of NagaCorp shares but has seen that amount grow to 69.23%.
