Donaco International Ltd says it has reached an agreement with its main lender, Mega International Commercial Bank Co Ltd, that will see it repay the remaining balance on an initial US$100 million loan by the end of this year.
According to an ASX announcement, Donaco’s new loan repayment plan will see it repay the remaining US$6.8 million balance via six monthly instalments of US$1 million each from June to November 2021 and a final instalment of US$1.8 million to be paid by 31 December 2021. The first US$1 million instalment has already been paid.
The original loan formed part of Donaco’s funding arrangements for the acquisition of Star Vegas, located in Poipet, Cambodia, in 2015. Star Vegas remains closed after suspending operations in April due to COVID-19.