(Original title: NagaWorld Holdings (03918): The completion date of the Naga 3 design and construction agreement is updated to September 30, 2029)
Zhitong Finance APP News, NagaWorld Holdings (03918) issued an announcement related to the development and construction of a multi-functional entertainment and comprehensive integrated resort facility (Naga 3) in Phnom Penh, Cambodia. Pursuant to the Guaranteed Maximum Design and Build Agreement (Design and Build Agreement), completion of the Design and Build Agreement must be concluded on or before 30 September 2025 and/or such other date as may be mutually agreed between Naga 3 Company Limited and the Contractor . If there is any adjustment to the Completion Date of the Design and Build Agreement, the Completion Date of the Subscription Agreement will be automatically updated.
Given the external geopolitical macroeconomic environment and strong global inflationary pressures, the company is prudently and seriously considering options for developing Naga 3, aligning revenue generation with capital expenditures, and such options should include project size adjustments (as indicated in design and build agreement). Furthermore, the Board wishes to declare that the company is confident in fulfilling all its financial obligations despite external factors, as the fundamentals and direction of the company have remained unchanged thus far.
Accordingly, Naga 3 Company Limited and the Contractor have entered into a supplemental agreement on 3 June 2023 to update the date of completion of the Design and Build Agreement to a date on or before 30 September 2029, subject to Naga 3 Company Limited Other further adjustment limits as may be mutually agreed with the Contractor.
Accordingly, the completion date of the Subscription Agreement is also automatically renewed to a date on or before 30 September 2029 in accordance with the terms and conditions of the Subscription Agreement.