Naga, Inc. Approves 2022 Dividend With Scrip Shares

Shareholders of casino developer and operator Naga Corp Ltd approved a final dividend of $0.0075 per share on Friday for the 2022 calendar.

The decision was confirmed at the annual general meeting.

As indicated at the time of February's full-year earnings release, the Hong Kong-listed company said the dividend payments "will be made entirely in the way of scripted shares, rather than offering shareholders the option of receiving dividends in cash instead of dividends."

Nagakov holds exclusive rights to a long-lived casino in Phnom Penh, the Cambodian capital, which operates through the Nagaworld complex, which consists of games, hotels and shopping facilities.

At the time of the full-year earnings announcement, the Company stated that such a scripted share arrangement would represent "a dividend payout ratio of approximately 60%" based on net income in the second half of 2022.

In July, the company also declared an interim dividend of $0.0073 per share for its Scrip shares. The company did not pay a dividend last year.

For the full year 2022, Nagakov reported a net profit of nearly $170.3 million, compared with a loss of $147 million a year earlier. Those gains were up 104.0% year-over-year to $460.7 million, as the market recovery from the COVID-19 pandemic improved trading.

Friday's meeting also confirmed the re-election of Chairman Tim McNally as non-executive director. In addition, Chen Yi-Fon was re-elected as executive director and Michael Lai Kai-Jin as independent non-executive director

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