GEN Malaysia unit issues US$17mln in medium term notes

Dec 06, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Global casino operator Genting Malaysia Bhd says a unit, GENM Capital Bhd, has on Thursday issued MYR75 million (US$16.9 million) in nominal value of medium term notes, according to a filing to Bursa Malaysia on the same day.

This latest tranche of bonds were part of an existing medium-term note programme worth of MYR5.0 billion in nominal value, announced in September 2014 on behalf of GENM Capital.

The MYR75-million worth of medium term notes have a 1-year tenure, and a coupon rate of 3.90-percent per year, payable semi-annually, according to Thursday’s filing.

The parent company said the net proceeds from the issuance are to be used for “operating expenses, capital expenditure, investment, refinancing, working capital requirements and/or general funding requirements of Genting Malaysia and/or any of Genting Malaysia’s subsidiaries, including to finance the development and/or redevelopment” of the group’s properties “located in Genting Highlands, Pahang, Malaysia”.

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.

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