GGRAsia – Genting Malaysia to start bond sale this month: report

Genting Malaysia to start bond sale this month: report

Sep 18, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck

Genting Malaysia Bhd, part of a conglomerate – Genting Bhd – that invests globally in casinos, is set to start marketing later this month its MYR5 billion (US$1.54 billion) medium-term notes programme, according to a media report.

The operation last week received regulatory approval.

Genting Malaysia plans to raise MYR1.5 billion in the first phase of the bond sale, via notes with a tenure of five and 10 years, Bloomberg reported, quoting two unnamed people familiar with the matter.

The notes will start being marketed on the week starting on September 29, the financial information service said.

Genting Malaysia previously stated that the funds raised via the note sale would go towards operating expenses, capital expenses, investments and property development.

Malaysian banks CIMB Group and Maybank Investment Bank Bhd, part of Maybank Group, are joint advisors to Genting Malaysia on the note sale programme.

Genting Malaysia announced earlier this month that it would pay US$24.6 million for a plot of land adjacent to its Resorts World Bimini casino resort, on the Bimini Islands, Bahamas.

Genting Malaysia’s Resorts World Genting (pictured – file photo), Malaysia’s only casino resort and located at Genting Highlands, is currently undergoing a MYR5-billion revamp, officially dubbed the ‘Genting Integrated Tourism Plan’. The plan includes a 20th Century Fox outdoor theme park (to open in 2016), a new hotel, more shops and the renovation and upgrading of existing rooms and facilities.