HK Stock Market Move | NAGACORP (03918) rises by over 4%, subscription agreement terminated, confiscated $316 million US dollars included in reserve.

NAGACORP (03918) rose more than 4%, as of the time of writing, it was up 4.2% at 5.21 Hong Kong dollars, with a turnover of 9.5166 million Hong Kong dollars. On the news front, NAGACORP announced the termination of a contract with a subscriber in relation to the development and construction of a multifunctional entertainment and comprehensive resort facility in Phnom Penh, Cambodia (Naga 3) project. The subscriber's cash payment of USD 316 million, which was part of the total payment of USD 3.16 billion, has been forfeited by the group and included in the reserve. No shares will be issued in settlement of the cash payment. Therefore, the termination of the subscription agreement will not have any significant adverse impact on the group's existing business or financial condition. The group stated that despite the termination of the contract, it plans to continue with the Naga 3 project and will evaluate the remaining development plans for Naga 3. If necessary, it will explore other funding channels.