NagaCorp raises $156 million from top-up placement

NagaCorp, a gaming and entertainment hotel complex operator in Cambodia, has raised HK$1.21 billion ($156 million) from a top-up placement, after fixing the price at the bottom of the indicative range. The deal was launched at around 6pm yesterday in Hong Kong time, and the books were closed after about three-and-a-half hours. Due to strong demand, the size of the deal was increased to 200 million shares from 193 million shares. The deal, which received good support from existing shareholders and a couple of large orders, ended up well oversubscribed, a source said last night. It attracted demand from investors in Asia, the US and Europe, the person noted. The NagaCorp group owns, manages and operates the largest integrated gaming and entertainment hotel complex in Cambodia, called NagaWorld, according to the company’s earnings statement. NagaWorld is the only licensed casino in Phnom Penh, the capital city of Cambodia, and features a world-class 660-room hotel, 15 food and beverage outlets, a nightclub, a karaoke lounge, and a spa. … Tourist arrivals in Cambodia continued to significantly outpace worldwide tourism growth by recording an increase of 24% to 3.2 million visitors in the first 11 months of 2012, compared to the same period in 2011, it said. …

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