• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 10 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

New investor requests two seats on new-look Donaco board

Newsdesk by Newsdesk
Mon 1 Jul 2019 at 14:04
New investor requests two seats on new-look Donaco board

Donaco’s Aristo International Hotel in Vietnam

37
SHARES
900
VIEWS
Print Friendly, PDF & Email

Just a week after acquiring a 19.25% stake in Southeast Asian casino operator Donaco International, Hong Kong hedge fund Argyle Street Management Ltd (ASM) has filed a written request for two seats on the board.

Donaco revealed on Monday that its newest investor wants two representatives of an associated firm called On Nut Road Ltd, Mr Kurkye Wong and Mr Yan Ho Leo Chan, appointed as directors of the company.

ASM has also requested that Donaco “refrains from making any decisions that cause material changes to the corporate structure, capital structure, acquisitions or divestments of Company assets, and/or management control of the company until a new Board which is reflective of the stakeholders of the company is established.”

The development comes after ASM, which is reportedly controlled by Thai hotel billionaire Chanin Donavanik, acquired a 19.25% stake in Donaco from Orchard Capital Partners (OCP) 10 days ago. The acquisition represented a significant portion of the 27.25% stake OCP had previously seized from Donaco founder Joey Lim after he defaulted on a loan repayment in November 2018.

While ASM has wasted no time in pushing for board positions, Donaco indicated a more cautious approach in an ASX filing on Monday.

“The Board and management of the Company have not previously had any contact whatsoever with representatives of On Nut Road Limited, or its associate, Argyle Street Management Limited of Hong Kong,” Donaco stated.

“Accordingly, the Board is not aware of ASM’s intentions for the Company, or its reasons for acquiring a 19.25% voting interest in the Company and seeking to appoint two representatives to the Board.”

Donaco also noted that it has a five-member board which would normally entitle ASM to a single board representative rather than two.

Ironically, an EGM is already scheduled for 18 July after another group of shareholders led by Silver Heritage Group Chairman James Spenceley filed a formal request for Joey and Ben Lim to be removed from the board.

Donaco said it could not make any commitment to ASM’s request for board representation but would initiate talks to better understand its intentions as well as the qualifications and experience of the two candidates.

RelatedPosts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Wed 9 Apr 2025 at 06:16
Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

Wed 9 Apr 2025 at 05:40
10 years ago: China Syndrome

Bally’s acquisition of Star described as risky with likely need for further capital investment

Tue 8 Apr 2025 at 06:18
Analysts puzzled as combined market cap of Macau concessionaires falls back to 2022 COVID levels

Macau’s Hong Kong-listed gaming stocks all fall by more than 10% Monday on impact of US tariffs

Mon 7 Apr 2025 at 18:55
Load More
Tags: argyle street managementAustraliaboardDonaco InternationalHong KongJames SpenceleyJoey LimOrchard Capital Partners
Share15Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語