genting-launches-142-billion-rights-issue

Genting launches $1.42 billion rights issue

In a choppy market, the Malaysian casino operator offers a hefty discount to its traded price to entice investors.
Volatile global markets and a particularly bearish Singapore market has not deterred Genting International, the Singapore-listed casino operator, from announcing a mega-rights issue worth S$2.2 billion $1.42 billion.

Investors around the world have continued to display nervousness as bad news relating to the subprime situation in the US continues to cause shock waves. The Singapore Straits Times Index lost around 5% over the last two weeks and 3.35% yesterday to close at 3,273. But Genting still decided to proceed with its plans to approach existing shareholders for further equity.

The casino operator is offering 3.6 billion shares, or 37.5% of the enlarged share capital, at S$0.60 apiece. The price represents a 21% discount to...
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