CFO Transition
Sydney, July 3, 2015 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) (the Company) is pleased to announce that Mr Chong Kwong Yang has been appointed as the Company's Chief Financial Officer, with effect from 1 July 2015.
Mr Chong is currently the Deputy Chief Financial Officer of the Company. He has played a key role over the past 12 months in managing the due diligence, and completing the acquisition, of the business of the Star Vegas Resort and Club.
Prior to joining the Company, Mr Chong was the Corporate Finance Manager and Company Secretary of Eaton Industries Pty Ltd, a wholly owned company of Eaton Corporation, a Fortune 500 company listed on the US stock exchange. Eaton is a global technology leader in power management systems and products. Before joining Eaton, Mr Chong was Financial Controller of a leading commercial advertisement production group in Malaysia for ten years, and prior to that was audit manager at Ernst & Young for ten years.
Mr Chong is of Australian nationality, and is a member of CPA Australia. He is also a non-executive Director of iSentric Limited (ASX:ICU). He will be based primarily in Bangkok and in Poipet, Cambodia, at the premises of the Star Vegas.
The Company's current Chief Financial Officer, Mr Richard Na Chun Wee, will remain with the Company in his other current capacity as Deputy Chief Executive Officer.
Commenting on the transition, the Company's Managing Director and Chief Executive Officer, Mr Joey Lim, stated "I am very pleased that Chong Kwong Yang has agreed to step up and assume the greater responsibilities of Chief Financial Officer. Mr Chong has worked extremely hard on the Star Vegas deal, and knows the business intimately. As the Star Vegas will generate the lion's share of the Company's revenues and profits in the near term, it makes sense for our CFO to be located there.
"I am also very pleased that Richard Na will remain involved in developing the Company's strategy, and will continue to work closely with me in his role as Deputy CEO."
About Donaco International Ltd
Donaco International Limited (ASX:DNA) operates leisure, entertainment and associated technology businesses across the Asia Pacific region.
Donaco's largest business is the Star Vegas Resort & Club, a successful casino and hotel complex in Poipet, Cambodia, on the border with Thailand. Star Vegas was established in 1999, and is the largest and highest quality of the Poipet casino hotels. The property has more than 100 gaming tables, more than 1400 slot machines, and 385 hotel rooms.
Donaco's flagship business is the Aristo International Hotel, a successful boutique casino in northern Vietnam, located on the border with Yunnan Province, China. Established in 2002, the property has recently been expanded to a brand new five star resort complex with 400 hotel rooms. Donaco is a pioneer casino operator in Vietnam, and owns a 95% interest in the business, in a joint venture with the Government of Vietnam.
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