Genting CEO spends RM624,000 on shares amid price slide
The purchases leave Datuk Seri Tan Kong Han with a direct holding of 1.89 million shares, equivalent to a 0.049% stake.
Genting Bhd CEO Datuk Seri Tan Kong Han acquired 400,000 shares for RM624,000 on Oct 12 as the group’s stock approached its lowest level in nearly two decades, according to a Bursa Malaysia filing.
The filing dated Oct 13 showed two purchases: 200,000 shares priced at RM1.58 each and 200,000 at RM1.54 each. Tan had previously bought 200,000 shares on Sept 29 at RM1.87 each.
Tan, who also serves as the group’s president and executive director, now directly owns 1.89 million shares, or 0.049%. His indirect or deemed holding comprises 100,000 shares, representing 0.003%.
Genting’s market value dropped by more than RM2 billion on Oct 12 as its shares slid to RM1.45. The decline followed its announcement on Oct 9 of a rights issue worth RM1.25 billion intended to cut debt.
CreditSights said on Oct 13 that Genting may have to dispose of non-core assets, particularly unused land, to ease its debt burden and avert additional credit rating downgrades.
On Oct 13, the stock reached RM1.50 at its intraday peak before ending at its session low of RM1.44, a decline of one sen or 0.69%. Trading volume was about 20.7 million shares, placing Genting among Bursa Malaysia’s most active counters.
