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 working capital.

Two existing shareholders have already made irrevocable undertakings to subscribe to the issue. Genting Overseas Holdings, which owns 64.28% of the company has agreed to pay US$197.7 million...

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