Malaysia-based conglomerate Genting Bhd now controls 52.63 percent of Genting Malaysia Bhd, amid the parent’s takeover bid for the subsidiary, according to recent filings to Bursa Malaysia.
The increase was effected via on-market acquisitions of Genting Malaysia shares, as well as acquisition of relevant interest in shares, based on stockholder acceptances relating to the takeover offer made by the parent. The latest acquisitions were via entities linked to Genting Bhd.
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.
Genting Bhd’s takeover offer became unconditional earlier this month, after the parent’s stake in Genting Malaysia surpassed 50 percent.
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 the borough of Queens, New York City.
