Why Don't Kien Huat Just Privatise GenM?

The way Lim Kok Thay has been playing footsie with minority shareholders of GenM speaks much of his 'hoity-toity' disregard for their sentiments.

The RM6 billion cash hoard of GenM has been systematically whittled down for his grandoise excesses.

First, he flirted with Walker and then on the home stretch dumped it onto GenM just when the going gets rough. Then,he did a number on the minority shareholders again by selling Oakland and the office block to GenM for cash to take on the savaging ravages of the Sentosa Resort World cost overruns.

Yet again, he gave MGM a huge USD50 million loan through taking their promissory notes. Then there is this NY Aqueduct racino thing where again he fished out USD1 million from the coffers of GenM for the bidding deposit. More funds will be 'whaled out' if the racino project gets going,I am sure.

Then we have this 'daylight robbery' of making GenM the whipping boy to take on loss-making GentingUK.

To date, he has given nothing to minority shareholders. He has also changed the door-gifts for AGM minority shareholders to be vouchers only tenable up in Genting food outlets way,way above sea level.

Over the years, there was no capital return and no special dividends or bonus issues. Year in and year out he hawks the less than 7% dividend less 25% tax.

The frequency and rate he is dipping into the coffers of GenM is mighty suspicious. He is definitely up to no good. There is a precursor here.

So, I think there is all likelihood that he would take GenM private sometime soon. He should as the way he is doing it leaves a 'bad taste in the mouth'