The board of global casino operator Genting Malaysia Bhd will seek shareholder approval at the next annual general meeting, to renew a share-repurchase scheme. The information was in a Monday filing to Bursa Malaysia, though it didn’t mention a date for the meeting.
If renewed, the cap on repurchases – when taking into account existing treasury shares – would not exceed at any time, 10 percent of the company’s total issued shares.
Genting Malaysia operates Resorts World Genting, Malaysia’s only licensed casino property, at Genting Highlands. The group also runs casinos in the United States, the Bahamas, the United Kingdom, and Egypt.
Genting Malaysia stock has fallen by circa 45 percent over the past 12 months, closing on Monday at MYR1.49 (US$0.332). That price marks the casino operator’s lowest trading level in five years.
Another casino group, U.S.-listed Melco Resorts & Entertainment Ltd, has so far bought back approximately 97.3 million shares of its own stock on the open market, under a three-year, US$500-million share buyback programme that began in June last year.
Melco Resorts’ aggregate consideration – before expenses – for repurchases so far, is about US$174 million. The information was disclosed in a Monday filing by its Hong Kong-listed parent, Melco International Development Ltd.
Nasdaq-listed Melco Resorts saw its stock close on Monday at US$4.63 per American depositary share (ADS), equal to three individual stock units. The previous low point was on May 11, 2022 – amid the Covid-19 pandemic coinciding with disruption to tourism in Macau and other markets where the firm operates – when the stock closed at US$4.48 per ADS.
