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Donaco’s Casino Gamble Matter in Cambodia has got Complicated

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Donaco International’s immersion in the legal proceedings with its biggest individual shareholder has got complicated. The shares of Donaco’s biggest institutional shareholder (Orchard Capital Partners Asia) which were not obtained through a loan default by Joey Lim (co-founder of Donaco International) have been seized by the Australian regulators.

After the demise of Joey Lim’s grandfather, Lim Goh Tong in 2007, Joey Lim handled his business and listed Donaco on the ASX by reverse takeover in 2013. He entered a deal to acquire Star Vegas, the largest casino in Poipet, which made him a regional player. Donaco invested US$360 million to own Star Vegas from the Thai businessman and politician, Somboon Sukjaronkraisri. However, Somboon entered an agreement to manage the casino for a couple of years with a guarantee of giving US$60 annually. Later, the two businessmen got entangled in a legal dispute due to the rights issue of Lim’s loan with Somboon’s shares.

After the failure of the agreement for Somboon’s management deal extension, the operation of two casinos up the road from Star Vegas contributed to an increase in the conflict with Donaco. Following Donaco’s efforts in upgrading Star Vegas guest rooms and its gaming floor, the casino unit has claimed that Somboon’s casinos violated the non-compete clause in the sales agreement. Due to this, the two parties are going through the arbitration process in Singapore and litigation procedure in Australia, Cambodia, and Thailand.

Lim failed to pay multiple payments in 2018 to the lender OCP Asia. Due to the loan defaults by Lim, OCP Asia acquired 27% shares of Donaco. Following this, Lim, Donaco director filed complaints to Australia’s Takeover Panel related to OCP Asia’s acquisition. It is decided that OCP Asia didn’t breach any regulations but it acquired shares at the time when the market didn’t have any knowledge about Lim’s loan default.

The growth of Thai casino industry has contributed to the introduction of many popular online casinos such as scr888. And hence it is important for Donaco International to resolves all its disputes to take advantage of the growth opportunities. Ending the complications is the only medium which could help Donaco to raise the value of its shares in the industry.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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World

Turkish Textile Giant Sun Textile Solution Proposal for Drought

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While the World Health Organization (WHO) and the United Nations (UN) are seeking solutions to combat drought through various projects, Ekoten Textile, a subsidiary of Turkey’s textile giant Sun Textile, has developed a groundbreaking project in collaboration with a technology startup to minimize the intensive water consumption in the textile industry. This pioneering project, the first of its kind globally, will enable the recycling and reuse of up to 90% of the water used in textile production.

Drought is one of the most pressing issues facing the world today. According to WHO data, 40% of the global population is struggling with water scarcity. By 2030, up to 700 million people could be forced to migrate due to drought. The unconscious use of water in global production processes plays a significant role in the rapid depletion of clean water resources.

The textile industry is one of the sectors with the highest water consumption. In Turkey, while the food industry consumes 22% of the water used for industrial purposes, the textile sector follows closely with 18%. For instance, producing an average of 40 tons of products daily requires 2,500 tons of water, equivalent to the daily water consumption of approximately 10,000 people.

CLEAN WATER RESOURCES FOR HUNDREDS OF THOUSANDS OF PEOPLE EVERY DAY!

In textile production, where clean water resources are heavily consumed, the innovative success of the Turkish company stands out as a global best practice. This initiative will shape the future of the industry. The wastewater recycling project, developed through intensive R&D efforts, will ensure that over 90% of the required water is sourced from recycled supplies.

The reuse of wastewater in production will transform the fate of countries operating in the textile sector. By preventing the use of clean water resources for textile production, this project will free up clean water sources that can meet the daily needs of hundreds of thousands of people.

R&D ACTIVITIES IN 38 COUNTRIES WITH 380 PARTNERS!

Sun Textile places great emphasis on R&D activities, conducting research and development efforts with 380 partners across 38 countries. Sun Textile and its subsidiary Ekoten Textile export nearly 90% of their production, solidifying their identity as a leading exporter. The company ships products to numerous destinations worldwide, including European countries, the UK, and the US. Sun Textile, the leading ready-to-wear exporter in the Aegean Region, achieved a consolidated turnover of 250 million euros in the third quarter of 2024, continuing its active growth trajectory.

OFFERING CUSTOM DESIGNS TO CUSTOMERS

Sun Textile provides its own designed collections to leading brands in Europe and the UK. Ekoten Textile, its subsidiary, is among the most respected knitted fabric manufacturers in Turkey and Europe. 

With a dedicated sales team for each major customer group and five design offices in three different countries, Sun Textile creates designs tailored to its customers’ needs. Its largest clients include the Inditex Group, H&M, Jimmy Key, Tesco, Kiabi, Marks & Spencer, and Next.

Sun Textile also extends its sustainability approach to social responsibility, notably for its high ratio of female employees. The company, which went public in 2022, is also listed in dividend indexes.

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