Genting’s GenM takeover bid moves to mandatory stage
Genting Bhd has secured RM900m in medium-term notes to support its offer to acquire the remaining shares in Genting Malaysia, with the bid tied to the group’s wider investment plans, including its New York casino licence proposal.
Genting Bhd has raised RM900m through medium-term notes (MTNs) to partly finance its proposed acquisition of the remaining shares in Genting Malaysia Bhd (GenM). In a filing with Bursa Malaysia, the company said the MTNs have a one-year tenure and carry interest at one-month Kuala Lumpur Interbank Offered Rate plus 1.80 per cent per annum.
Last month, Genting announced an offer to take GenM private at RM2.35 per share, valuing the company at around RM6.74bn. Outlining the rationale for the takeover, Genting said that gaining statutory control of GenM and becoming its majority shareholder would strengthen GenM’s financial profile. The company referenced GenM’s bid for the New York casino licence, which, if approved, would require significant capital investment.
The offer is open for acceptances until 5pm on 24 November 2025.
