Genting Singapore buys back shares

Mar 12, 2015 Newsdesk Latest News, Singapore, Top of the deck  

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Genting Singapore Plc, operator of the Resorts World Sentosa casino resort (pictured) in Singapore, has bought back 5,489,400 shares for a total consideration of just under SGD5.55 million (US$4 million) gross.

The news was given in a filing to the Singapore Exchange on Wednesday. The consideration was based on a highest-lowest share price of SGD0.925.

At the close of trading in Singapore on Wednesday, the firm’s share price stood at SGD0.930, representing a 32 percent decline on its 52-week high of SGD1.3650

On Monday, Genting Singapore said it was granting shares to some executives and employees under the performance share scheme.

The company is granting 750,000 shares to Lim Kok Thay, director of Genting Singapore and chairman and chief executive of parent company Genting Bhd. Tan Hee Teck, president and chief operating officer of Genting Singapore, has also been granted 750,000 shares.

The other 300,000 shares awarded under the scheme were granted to eligible employees, the company said.

Genting Singapore Plc reported net profit of SGD118.9 million (US$87.3 million) for the final quarter of 2014, down by 30 percent from the prior-year period.

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