By David Winning

The Genting brand, one of the best known in Asia’s gaming industry, could soon grace the boards of Australia’s main stock exchange.

Lim Keong Yew and Benjamin Lim Keong Hoe – nephews of Genting Bhd Chief Executive K.T. Lim – are preparing to take control of ASX-listed Two Way Ltd., and a name change may be in the offing that reflects the company’s new direction. The idea is to take advantage of rising spending at casinos and online gambling in Southeast Asia, so it makes sense for them to draw on Genting’s gaming expertise and high-level business contacts throughout the region.

ASSOCIATED PRESS

Two Way shareholders will have the final say, with a vote due at the annual general meeting in November. But the interactive entertainment company will see its value jump sharply from a current 4.3 million Australian dollars (US$4.4 million) if shareholders back a reverse takeover by Donaco Singapore Pte. Ltd., controlled by Lim Keong Yew and Benjamin Lim.

Donaco agreed in August to sell a 75% interest in the Lao Cai International casino and hotel complex in Vietnam to Two Way in return for 95% of the company’s stock.

“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,” Two Way said in a statement at the time.

“In the first instance, the parties will explore ways of combining Two Way’s expertise in online and interactive gambling with Donaco’s casino management expertise, to offer online casino gaming in territories where it is legal to do so.”

The Lao Cai casino complex, located on the border with China’s Yunnan province and  trading since early 2003, generated a net profit of A$6 million in 2011 from revenue of A$12.1 million.

Like us on Facebook or follow us on Twitter @WSJAustralia.