Phnom Penh, - The board of directors ("Board") of NagaCorp Ltd. ("Company"), along with its subsidiaries ("Group"), has announced with deep sadness the passing of Tan Sri Dr. Chen Lip Keong, affectionately known as "Dr. Chen" and the Founder of the Group. Dr. Chen, who also served as the Senior Chief Executive Officer of the Group and an executive director of the Company, succumbed to illness on December 8, 2023.

In a heartfelt message on behalf of all Group employees, the Board expresses its profound condolences to Dr. Chen's family and conveys its deepest sorrow at his untimely passing. The Board also extends its heartfelt gratitude and appreciation to Dr. Chen for his invaluable leadership, guidance, and contributions to the Group during his tenure.

Over the course of more than 28 years, Dr. Chen established a solid foundation for the Group, using his extensive entrepreneurial, business, and managerial expertise to fuel its steady growth. Under his visionary leadership, the Group achieved remarkable growth and development, thanks to years of prudent business decisions and strategic management.

In a significant announcement, the Board has designated Mr. Chen Yiy Fon, an executive director of the Company and Dr. Chen's son, as the new Chief Executive Officer of the Group, effective from December 10, 2023. Mr. Chen Yiy Fon previously served as the Chief Executive Officer - Operations of the Company since April 5, 2022.

The Company remains committed to continuing the Group's business operations by adhering to the established business strategies formulated by the Board. The Board maintains the view that the passing of Dr. Chen will not have any material impact on the operations of the Group.