The new debt issuance will help fund Genting Berhad’s plan to privatise its gaming subsidiary.
Malaysia.- Genting Berhad has issued MYR900m (US$216m) in medium-term notes (MTNs) to help finance its ongoing effort to acquire all remaining shares of Genting Malaysia Berhad, its publicly listed gaming subsidiary.
Genting said the proceeds will be used to partially fund the buyout of Genting Malaysia, following its conditional voluntary offer announced in October to privatise the company at MYR2.35 per share. The offer values Genting Malaysia at about MYR6.74bn (US$1.6bn) and remains open to shareholders until November 24.
Genting has already increased its stake to 52.6 per cent through open-market purchases, surpassing the 50 per cent threshold required for the takeover to move forward. The group intends to delist Genting Malaysia once it reaches 75 per cent ownershipor fully acquire it should its holdings reach 94.94 per cent.
Genting says the move would strengthen the company’s financial position and support its ambitions in the New York casino licensing process, which may require significant new investment if approved.
The new debt issuance will help fund Genting Berhad’s plan to privatise its gaming subsidiary. Malaysia.- Genting Berhad has issued MYR900m (US$216m) in medium-term notes (MTNs) to help finance its…
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