A co-founder of Asian casino operator called Donaco International Limited, has allegedly prospered in efforts to stop Orchard Capital Partners which is a regional investment company, from obtaining even larger stake in their firm.
As stated by a Tuesday report from Inside Asian Gaming, Joey Lim was removed from his Chief Executive Officer position in March due to his long absence. He founded the Sydney-listed operator behind northern Vietnam’s Aristo International Hotel with his grandfather Lim Goh Tong, who was Genting Malaysia Berhad founder, in 2002.
$34.3 Million Option
During this period Orchard Capital Partners has completed a number of deals so they could obtain 9.71% of stake in Donaco International Limited. At the same time, they are engaged in dialog with a Lim-owned entity known as Total Alpha Investments Limited. The negotiations are centered around the reportedly default loan repayment.
Reported by Inside Asian Gaming, Orchard Capital Partners eventually utilized $34.3 million option on a 27.25% stake in Donaco International Limited it had secured in May of 2017. It would raise its total shareholding in the company that is also accountable for Cambodia’s Star Vegas Resort and Club to 36.96%.
Joey Lim who has maintained his position on the casino operator’s board of directors, supposedly filled out an official objection Australia’s Takeovers Panel arguing that those earlier transactions have broken local takeover laws.
Unacceptable
It was reported by Inside Asian Gaming that the Takeovers Panel has now supporting Joey Lim with conclusion that the situation behind Orchard Capital Partners’ acquisition of the 9.71% stake in Donaco was unsatisfactory.
It is unacceptable due to a fact that the market was not up to date with remaining 27.25% option and was also not aware to the continuous default negotiations between them and Total Alpha Investments Limited.
Donaco International Limited
Donaco International Limited runs entertainment and leisure businesses across the Asia Pacific region.
Their biggest business is the Star Vegas Resort & Club which is a successful casino and hotel complex in Poipet. It is located in Cambodia on the border with Thailand. Star Vegas Resort & Club was established in 1999.
It is the casino hotel that has the highest quality and largest one from all of the Poipet casino hotels. They have more than 1500 slot machines, 358 hotel rooms and more than 100 gaming tables as well.
Donaco International Limited flagship business is the Aristo International Hotel which is a prosperous boutique casino in northern Vietnam and is located on the border with Yunnan Province in China…
…It was formed in 2002 and the property has recently been enlarged. Aristo International Hotel expanded into a brand new five-star resort complex that has 400 hotel rooms.
Donaco International Limited is one of the first casino operators in Vietnam, and it owns a 95% interest in the business. They are in a joint venture with the Government of Vietnam.
Orchard Capital Partners
Orchard Capital Partners is a business company that works with borrowers, so they could understand their businesses and their specific needs and tend to supply them with dynamic bespoke lending solutions that meets their customers’ requirements and needs.
Since 2004, Orchard Capital Partners team has completed more than 116 Secured Direct Lending investments that allegedly equal approximately $5 billion. They track record of contributions to their borrowers credible and well-organized structures for a broad range of purposes across the business cycles.
