Genting Berhad has launched a conditional voluntary takeover offer to acquire all remaining shares in Genting Malaysia Berhad that it does not already own, in a deal valued at RM6.74 billion.
In a filing with Bursa Malaysia, Genting said it is offering RM2.35 in cash per share for the remaining 2.87 billion GENM shares, representing a 50.64% equity interest in the gaming and hospitality group. The offer excludes GENM’s treasury shares.
As of Oct 10, Genting already owns 49.36% of Genting Malaysia. The proposed offer, if fully accepted, would give Genting full ownership of its key listed subsidiary.
The offer, made through AmInvestment Bank Berhad, is conditional upon Genting receiving acceptances that would raise its stake to more than 50% of GENM’s total issued shares. Once the condition is met, the offer becomes unconditional, and Genting will be obligated to accept all valid submissions.
The RM2.35 offer price will be adjusted downward if Genting Malaysia declares or pays any dividends before the offer closes.
Genting said it does not intend to maintain GENM’s listing status should the company fail to meet Bursa Malaysia’s 25% public shareholding spread requirement following the takeover.
If Genting and its concert parties hold 90% or more of GENM shares, the group will seek to delist Genting Malaysia from the Main Market of Bursa Malaysia and may exercise compulsory acquisition rights under the Capital Markets and Services Act 2007 to buy out the remaining shares.
The total cash consideration of RM6.74 billion will be financed through a combination of up to RM6.3 billion in debt financing and internally generated funds, Genting said.
The offer document outlining full terms and conditions will be dispatched to shareholders in due course.
Genting Malaysia operates key leisure and hospitality assets including Resorts World Genting, Resorts World New York City, and Resorts World Birmingham, among others. A full takeover would consolidate Genting’s control over its Malaysian-listed casino and entertainment arm as part of a broader streamlining of group operations.
GENT currently holds 49.36% of GENM. The Offer is expected to allow GENT to gain statutory
control of GENM, to cement GENT’s position as the holding company of GENM and to become
its majority shareholder. This allows GENM’s financial statements to continue to be
consolidated with that of GENT’s in accordance with the Act, independent of any requirement
to demonstrate “control” under the accounting standards.
Given that GENT already holds 49.36% of GENM, GENT believes the acceptance condition of
more than 50% can be achieved with the Offer Price. As such, the Offer is in line with GENT’s
objective of securing statutory control of GENM.
On 30 June 2025, GENM announced that its wholly-owned subsidiary, Genting New York LLC, the owner and operator of RWNYC, has submitted a bid to the New York State Gaming Commission for a commercial casino license. The Bid involves a proposal by GENNY to develop a world-class integrated resort destination, with an estimated USD5.5 billion project cost. As at the LPD, GENNY is one of the four remaining contenders for up to three downstate New York gaming licenses.
Genting said if the Bid is successful, significant capital investment is required to implement the
above-mentioned proposal. In this regard, it believes that with control over GENM clearly
established through its majority ownership of GENM Shares, the overall financial profile of
GENM will be further enhanced as GENT will be better placed to lend the GENT Group’s
financial strength and network to support the development of this significant project.
In addition, the Offer it said, provides the Holders with an opportunity to realise their investments in GENM at a premium ranging from 9.81% to 22.90% above the market prices of GENM Shares
over the last 12 months as set out in Section 4 above.
