Southeast Asian casino operator Donaco International Ltd said it would delist from the Australian Securities Exchange (ASX) on Wednesday following implementation of a scheme of arrangement with its new owner – On Nut Road Limited (ONR).
ONR, which now holds 100% of Donaco shares, is a subsidiary of Hong Kong’s Argyle Street Management Ltd.
In a filing, Donaco said that all shares have now been transferred to ONR and all shareholders paid $0.045 in cash for each Donaco share they held. The scheme values Donaco, whose casino assets comprise Star Vegas in Poipet, Cambodia and Aristo International in northern Vietnam, at AU$55.59 million (US$35.2 million).
Trading in Donaco shares were suspended last Friday after shareholders voted in favor of the acquisition, with the company later adding that it had applied to be removed from the Official List of the ASX and delisting was expected to take effect on and from the close of trade on Wednesday 20 August 2025.
ONR previously held 12.84% of Donaco’s issued share capital.
Argyle Street Management, which is reportedly controlled by Thai hotel billionaire Chanin Donavanik, first invested in Donaco through ONR in 2019 after acquiring some of the shares seized from Donaco founder Joey Lim by Orchard Capital Partners after Lim defaulted on a loan repayment in November 2018.
That transaction ultimately saw ONR trigger a boardroom cleanout that included placing two of its own directors on the company’s board.
RelatedPosts
