Genting Bhd proposes MYR1.25bn rights issue to reduce debt
Genting Bhd proposed a MYR1.25 billion rights issue in early October, primarily to reduce debt and provide working capital, the company said. Lim Kok Thay’s family undertook to subscribe for its full entitlement, representing 45% of the issue; underwriting for the balance was still to be finalised. The proposal comes as Genting pursues US$5.5 billion and US$5 billion resort projects in New York and Singapore respectively.
The proposed issue would provide Genting Bhd with funding to reduce debt and support working capital as it advances two major resort projects.