NagaCorp plans for a US$52m IPO for Casino/Hotel project
By maddy
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.

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