Genting HK to depart Singapore Stock Market
Casino operator Genting Hong Kong has announced its plans to delist its unit from the Main Board Singapore Stock Exchange (SGX), where it has a secondary listing.
The Malaysian conglomerate revealed this withdrawal from the SGX fits into its greater plans of reinforcing the firm’s economic situation. Consequently, this decision to exclusively focus share trading on the Hong Kong Stock Exchange (HKSE) is expected to attract further potential investors in North Asia as it strengthens its plans to target travellers from China.
Genting Hong Kong Chairman and Chief Executive Lim Kok Thay said that this move “comes after careful consideration and is in line with our growth strategy and plans to enhance value for all our shareholders in the long term”. He added: “The consolidated trading of the company’s shares on the HKSE arising from the proposed delisting is also expected to increase the liquidity of such shares on the HKSE, thereby improving the effectiveness of any future capital raising activities to be undertaken by the company.”
The casino operator, which has a market cap of more than $2bn, hasn’t disclosed the exact date of removal. However, it must give shareholders at least three months’ notice.
“Genting Hong Kong is committed to the growth of the Asian cruise market. As we continue to expand our product offering and services to meet the growing demands of the Chinese market, the company aims to focus our resources on our business operations and streamline its compliance obligations,” read the official statement quoting Lim Kok.
The delisting announcement comes shortly after Genting said it was seeking a buyer for Maxims Casino Club, one of five casino brands operated by the group in the UK. Sources also suggest that Genting HK is planning to expand the brand through the international market.
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