Casino Firm A Hit in Debut On Exchange

Cambodian casino management company NagaCorp made its trading debut on the Hong Kong stock exchange Thursday, said Michael Nen, company vice president for public affairs. The London-based financial news service AFX reported that NagaCorp shares debuted at $0.21 a share, up $0.03 from the initial public of

fering price. The company posted strong gains on the day, with shares up almost 20 percent from the IPO price by the end of trading, according to AFX.

Contacted Thursday, Nen could not specify how much the IPO had earned for the company. “All we know is that today was our official [listing] ceremony in Hong Kong,” he said, adding that the specifics could be found on the company’s Web site. The Web site, however, was under construction and contained no information about NagaCorp or the IPO. Thursday’s listing is a victory for the company after three years of unsuccessful bids to get listed on Asian exchanges. In 2003, NagaCorp, which runs the only legal casino in Phnom Penh, was denied a listing on the Singa­porean exchange over concerns about a lack of money laundering controls. In August, Hong Kong regulators postponed the company’s listing, also citing money-laundering concerns.

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