NagaCorp terminates Naga 3 subscription, forfeits $316m advance

NagaCorp Ltd. announced on December 15, 2025, that it has entered into a Deed of Mutual Termination with a subscriber, ending their Subscription Agreement for the Naga 3 project. This decision was reached after due consideration of ongoing funding requirements and project timelines amidst a changing external macroeconomic environment.

Under the terms of the termination, cash advances totaling $316 million, previously paid by the subscriber, have been forfeited and moved to NagaCorp’s reserves. The company confirmed it has no obligation to issue any Settlement Shares related to these advances. The board believes this termination will not materially impact the group's existing business or financial position.

Despite the termination, NagaCorp intends to proceed with the Naga 3 Project's development, evaluating the remaining plan and exploring alternative funding sources as needed. Mr. Chen Yiy Fon, a director of both NagaCorp and the subscriber, recused himself from all related negotiations and decision-making processes.