Malaysia-based conglomerate Genting Bhd announced on Monday that its takeover offer for subsidiary Genting Malaysia Bhd has “become unconditional”, following the acquisition of Genting Malaysia’s shares on the open market.
In mid-October, Genting Bhd made a circa US$1.59-billion bid to acquire all shares in Genting Malaysia that it didn’t already own, aiming to delist the unit from Bursa Malaysia.
The parent said that – following the acquisition of some Genting Malaysia’s shares – it held a nearly 50.11-percent stake in its subsidiary as of 5pm on Monday.
“Accordingly, the acceptance condition has been fulfilled, and the offer has become unconditional on 3 November 2025,” stated Genting Bhd.
Genting Bhd aims to acquire all the remaining ordinary shares in Genting Malaysia – excluding treasury shares – that it does not already hold, for a cash offer price of MYR2.35 (US$0.55) per share. The offer is open and available until 5pm – Malaysian time – on November 24.
Genting Malaysia operates a number of casinos around the world. The firm’s flagship property is Resorts World Genting, Malaysia’s sole licensed casino. The company also runs gaming operations in the United Kingdom, Egypt, the United States, and the Bahamas.
According to the parent, the takeover would enhance Genting Malaysia’s financial profile as the latter is in the run for one of three full-scale downstate New York casino licences that are likely to be awarded by the end of 2025.
Genting Malaysia is proposing to extend and upgrade its existing Resorts World New York City slot-machine and electronic gaming facility in Queens.
Maybank Investment Bank Bhd said in a recent memo that Genting Malaysia was “virtually assured” of winning a downstate New York casino licence in the United States.
