|The Singapore stock exchange is expecting an IPO (Initial Public Offering) from NagaCorp a Cambodian casino business in September 2003 – a first of its kind since Casinos aren’t allowed in Singapore. The IPO is still subject to rigorous diligence and regulations.|
The Phnom Penh based Casino company plans use most of the IPO proceeds to develop a US$52 million hotel and entertainment complex in the Cambodian capital.
The new Casino complex would have an 8-storey entertainment wing, Casinos, restaurants and a 500 room 5-star hotel, expected to open by year end.
Currently, Chinese, Hong Kongers, Malaysians and Singaporeans are the biggest customers of NagaCorp’s current casino which operates on a barge anchored along a river bank. NagaCorp a Casino monopoly in Cambodia started operations in 1995 and has been profitable since 1996 with no debts and has a 70-year Casino license.
The money raised from the proposed $52 million IPO would go into building in the new posh Casino complex. Post-IPO, 20 percent of NagaCorp will be owned by the shareholders, 12 percent by Cambodia Development Fund and 68 percent by the company’s Malaysian owner.