Genting Bhd Mandatory Takeover of Genting Malaysia
Genting Bhd has entered a decisive phase in its plan to fully control Genting Malaysia Bhd, as its voluntary takeover bid has now become mandatory under Bursa Malaysia rules. The move follows the parent company increasing its stake to above 57%, signaling a clear intent to acquire all remaining shares and delist the company.
The mandatory status arose after Genting Bhd purchased an additional 2.02% of shares on the open market, bringing its total ownership beyond the 50% threshold. Previously, it held approximately 49.44%. Its MYR2.35 cash offer has already been accepted for 5.66% of shares, totaling over 320 million units.
The acquisition process began in mid-October with a conditional bid valued around US$1.59 billion. Ownership exceeding 50% converted the offer to unconditional, and the shareholder acceptance deadline has been extended to December 1, allowing investors more time to respond.
Genting Malaysia operates Resorts World Genting in Malaysia, its flagship casino, along with properties in the UK, US, Egypt, and the Bahamas. Its strategic initiatives include bidding for a full-scale New York casino license and expanding its Resorts World New York City facility in Queens to enhance slots and electronic gaming.
A full acquisition by Genting Bhd is expected to strengthen Genting Malaysia’s financial footing and global competitiveness, especially in the rapidly growing US market. This aligns with the parent company’s strategy to expand into key international gaming hubs and consolidate operational control.
As the mandatory takeover unfolds, market observers will monitor potential shifts in both domestic and international casino landscapes. With this move, Genting Bhd is set to solidify its influence over Genting Malaysia and drive forward strategic objectives across multiple regions.