Genting announces rights issue

The Malaysian casino operator and hotel group announces a heavily discounted 5 for 3 rights issue.

Genting International has revealed plans for a renounceable rights issue of 2.365 billion new shares. Existing holders of every three shares will be entitled to buy five new shares at a price of US$0.13 each, a 43% discount to yesterday's Tuesday closing price of US$0.23 a share.

According to a company announcement, the exercise will see the company raise some $305 million after expenses, which will be put to use for acquisitions and general...

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