NAGACORP (03918) surged over 4% during the session. At the time of writing, the stock was up 3.20% at HK$5.16, with a turnover of HK$11.5491 million.

NAGACORP announced the mutual termination of a subscription agreement related to the development and construction of Naga 3, a multifunctional entertainment and integrated resort facility in Phnom Penh, Cambodia. The US$316 million cash advance paid by the subscriber as part of the subscription payment has been forfeited by the group and recorded as reserves, with no settlement shares issued for the advance.

The termination is not expected to have any material adverse impact on the group’s existing operations or financial condition. NAGACORP stated that despite the termination, it remains committed to proceeding with the Naga 3 project and will evaluate the remaining development plan, exploring alternative funding channels if necessary.