Genting Berhad has now gone into banking; albeit in a small way, for now and not at home.
Its maiden banking investment via its unit Vista Knowledge Pte Ltd is a 20% stake is in CIMB Group Holdings Bhd's investment banking advisory joint venture in Sri Lanka called CIMB Pte Ltd.
With Genting's entry, CIMB now holds a 45% stake in the JV (from 51% previously), while its two Sri Lankan partners — Alex Lovell and Reshani Dangalla — own 20% and 15%, respectively.
Last August, CIMB had formed a partnership with Lovell and Dangalla to establish an investment banking and corporate advisory presence in Sri Lanka. Shareholders had committed up to US$2 million for the venture.
Let us see how this investment can be spun into gold for the Genting group and its shareholders.
No comments:
Post a Comment