Kien Huat buys RM596,924.50 in Genting shares
The purchases lifted chairman Tan Sri Lim Kok Thay’s deemed stake to 45.24%, as Genting shares fell 22.9% following its rights issue announcement.
Genting Bhd executive chairman Tan Sri Lim Kok Thay increased his deemed stake to 45.24% after his private investment vehicle, Kien Huat Realty Sdn Bhd, purchased 422,500 shares for RM596,924.50, bourse filings showed.
Kien Huat paid RM1.4940 apiece for purchases on Oct 14 and RM1.3919 on Oct 15. Lim’s deemed holding now amounts to 1.74 billion shares. His additions since the proposed RM1.25 billion rights issue was announced total about 6.42 million shares.
Buying was also reported by group CEO Datuk Seri Tan Kong Han, whose additional 150,000 shares cost RM214,500. He purchased 50,000 at RM1.45 each on Oct 13, with another 100,000 bought at RM1.42 each. Earlier, he spent RM624,000 on 400,000 shares on Oct 12.
Tan’s direct holding stands at 0.053%, equivalent to 2.04 million shares. He is also Genting’s president and an executive director.
Genting’s share price has lost 22.9% following the fundraising announcement. Its unchanged closing price of RM1.45 put its market capitalisation at RM5.6 billion.
The company proposes to use RM800 million from the fundraising for debt repayment and RM280 million for interest payments and other financing costs. Another RM149.5 million is earmarked for general operating requirements, while exercise expenses account for RM20.5 million. The proposal sets rights issue pricing 25% to 30% below Genting’s theoretical ex-rights price.
