No More Albatrosses at the necks of both Gentings and Genting M

In a news release this morning(9 Oct),Genting Berhad indicated its plans to raise up to RM1.6 billion from a 15-year medium term notes programme to fund expansion, refinancing and cover working capital needs.

It may use part of it to refinance a loan taken by Genting to subscribe for its portion or unsubscribed shares of a rights issue by Genting Singapore,it told Bursa Malaysia yesterday.

For this, it has hired CIMB and HSBC Bank Malaysia Bhd as Joint Principal Advisers, Joint Lead Arrangers and Joint Book-runners.

So, with this the undue worries that Genting Malaysia will be taxed through a inter-company loan to indirectly refinance the loan to the right subscriptions to Genting Singapore is put to a rest.

With that, the market is all clear of doubts which will allow Genting and Genting Malaysia to move upwards without albatrosses at their necks!