Two Way to be Taken Over by Genting
One of the best known brands in the Asian gaming industry, Genting, is preparing to take control of ASX-listed Two Way Ltd.
Lim Keong Yew and Benjamin Lim Keong Hoe, the nephews of Genting’s Cief Executive K.T. Lim are hoping to take control of Two Way and give the company a new direction.
They hope to take advantage of the increase in online gambling in Southeast Asia by drawing on Genting’s gaming expertise and business contacts in the region.
Two Way shareholders will vote at the annual general meeting in November, however, the vote is expected to pass as the companies share value is expected to rise significantly upon take over by Lim Keong Yew and Benjamin Lim, controllers of Donaco Singapore Pte. Ltd.
In August Donaco make a deal to sell a 75% interest in the Lao Cai international casino and hotel complex to Two Way in exchange for 95% of the company’s stock.
Two Way said that “The purpose of the transaction is to create a cash-flow positive and profitable ASX-listed entity to pursue gaming and wagering opportunities, particularly in Asia.”
Last year the Lao Cai casino complex made a net profit of A$6 million from revenue of A$12.1 million.