The parent company now controls over half of its casino subsidiary, paving the way for a full takeover.
Malaysia.– Genting Berhad’s MYR6.74bn (US$1.59bn) bid to take full control of its casino arm Genting Malaysia Berhad has become unconditional. The conglomerate increased its stake from 49.36 to 50.11 per cent through open market purchases.
The cash offer of MYR2.35 (US$0.55) per share, representing a roughly 10 per cent premium over Genting Malaysia’s last traded price before the announcement, will remain open to shareholders until November 24.
Genting Berhad intends to delist the operator after nearly four decades on the stock exchange. Analysts say the consolidation could simplify decision-making as Genting Malaysia competes for a downstate New York full casino licence. Maybank Investment Bank recently said Genting Malaysia is “virtually assured” of winning a licence.
The parent company now controls over half of its casino subsidiary, paving the way for a full takeover. Malaysia.– Genting Berhad’s MYR6.74bn (US$1.59bn) bid to take full control of its…
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