GGRAsia – GEN Malaysia board proposes 2018 final dividend

GEN Malaysia board proposes 2018 final dividend

Apr 02, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

The board of Genting Malaysia Bhd recommended on Monday a final, single-tier dividend of MYR0.05 (US$0.0122) per ordinary share for last year.

The 2018 final dividend for Genting Malaysia still has to be ratified by shareholders at a board meeting on June 5. If agreed, the final dividend will be paid on July 23.

Genting Malaysia has its main business at the Resorts World Genting casino complex (pictured) in Genting Highlands near Kuala Lumpur, Malaysia’s capital. The company – a unit of Malaysian conglomerate Genting Bhd – also runs casinos in the U.S., the Bahamas, the United Kingdom and Egypt.

Genting Malaysia had declared a special dividend of MYR0.08 in February, when it announced its results for its financial year ended December 31, 2018. The company told Bursa Malaysia in February that it had made a net loss of about MYR19.6 million last year. The year before, the company made a net profit of about MYR1.16 billion.

The firm said that its full-year loss was “primarily attributable to the impairment loss of MYR1.83 billion on the group’s investment in the promissory notes issued by the Mashpee Wampanoag Tribe”. That was a reference to an attempted investment in a tribal gaming venture in the United States.