Gaming operator Genting Singapore which announced plans of a rights issue to raise 1.63 billion Singapore dollars to would use 60 percent of the funds to pursue future expansion in the leisure, hospitality and gaming sectors.The rest of the money will be set aside for working capital purposes."The rights issue will strengthen the company's financials and put us in a strong position to tap strategic opportunities," said managing director Justin Tan.Existing Genting Singapore shareholders can subscribe for new shares at 80 cents each, which represents a discount of 32.8 percent to the company's closing price of 1.19 dollars Tuesday on the local exchange.
Genting Singapore, which has a market capitalisation of 11.5 billion dollars, is building a casino resort in the city-state's Sentosa island.
It said the 6.59-billion-dollar Resorts World at Sentosa is scheduled for a soft opening in early 2010.
PS:
RHB Research Institute Sdn Bhd has said Genting Singapore Plc’s plan to raise as much as S$1.63 billion in a rights offer will have “minimal” impact on Malaysian parent Genting.
At 9.15am on 10 September 2009, on the Bursar, the shares of Genting Bhd, advanced 1.8 per cent to RM6.99, rebounding from yesterday’s 4.2 per cent decline.
So, who has 2020 vision?
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