2021 Stock Awards Postponed To Careful Phase

In 2021, Hong Kong-listed casino operator Nagakov’s moving shares totaled just over 10.2 million shares, while 9 million shares, which exchange rules categorize as non-consolidated participants, were recalled again.

It submitted to the Hong Kong Stock Exchange on Friday that it would postpone it to within 2024.

The company has an exclusive casino business in Phnom Penh, Cambodia’s capital, through the Naga World complex (pictured).

“Tourism continues to recover at a gradual pace given the phased restoration of international flights and the external macroeconomic environment,” Naga Corp said

It added that the group was “still in the process of post-COVID business recovery, so the board is of the view that it is wise to further delay the initial grant to the fiscal year ending in 2024, and the exact timing of these grants will be determined by the board after considering the group’s performance at relevant times.”

Nagakov reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of $215.4 million in the first nine months of 2023. That figure was up 17.4% year over year.

The 2021 equity grant included nearly 1.17 million shares to Nagakov’s founder, Sir Chen Lip, according to a filing on Friday. The founder died of the disease on Dec. 8 last year.

The share deferral statement added: “Following the death of the beneficiary, his [sic] award may be transferred by will or by will and distribution laws.”

In addition, “The initial consolidated grant to Dr. Chen does not apply to the full period, as it was approved by independent shareholders at the extraordinary general meeting held on February 26, 2021, but was not officially made … The board will decide at its discretion,” he said.

On Dec. 12, Nagakov issued a voluntary statement to the Hong Kong Stock Exchange, reassuring investors that the founder’s death “would not have a substantial impact” on key aspects of the company’s business plans.

BY: 바카라사이트윈

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