Malaysian conglomerate Genting Bhd says one of its units has issued MYR495 million (US$119.3 million) in one-year notes. The exercise was done by Genting RMTN Bhd, under the group’s MYR10.0-billion medium-term notes programme.
“The net proceeds raised from the issuance of these medium-term notes shall be utilised by the company to part-finance the acquisition of all remaining ordinary shares in Genting Malaysia Bhd – excluding treasury shares – which are not already held by the company pursuant to the takeover offer by the company announced on 13 October 2025,” stated Thursday’s update.
The interest on the notes is the one-month Kuala Lumpur Interbank Offered Rate, plus 1.80 percent. The same Genting Bhd unit had issued MYR900 million in one-year notes on November 10.
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 unit runs the Malaysian casino monopoly Resorts World Genting, as well as casinos in the United States and the Bahamas, and in the United Kingdom and Egypt.
As of Thursday, Genting Bhd controlled a 61.31 percent of Genting Malaysia, according to corporate information.
Genting Bhd’s takeover offer became mandatory earlier this month, after the parent’s stake in Genting Malaysia surpassed 50 percent.
The parent 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 per share. The closing time and date for acceptance has been extended to December 1, from a prior November 24 deadline.
Nonetheless, an independent advisor to Genting Malaysia said last week that the per-share price being offered by the parent is “not fair and not reasonable”. It recommended existing shareholders “reject” the MYR2.35 offer.
