A recent court case highlights the dealings of Chen Lip Keong, controlling shareholder of Cambodian casino firm Nagacorp (3918). Given his numerous outside interests, and the ongoing pledges of shares, investors should be concerned about how much debt he might be carrying and the risk that he may need to, or be forced to, sell part or all of his stake in Nagacorp.
機構
人物
China Vanguard's Grand Promise
Webb-site.com, 10-Dec-2009
China Vanguard (8156) bought an asset from its controlling shareholder at 6.5
times the price at which China Motion (0989) turned it down. Now it is struggling to redeem convertible bonds the target issued to Goldman Sachs and
Evolution Capital. We also query a year-end HK$139m cash outflow to buy a
company which was once owned by the controlling shareholder, with negative net assets. Finally we look at a pending acquisition by Aptus, its subsidiary.