KUALA LUMPUR, Dec 2 – Genting Malaysia Bhd will remain listed after Genting Bhd failed to secure a 75 per cent stake in the company through its privatisation bid.
Genting said in a bourse filing that as at 5pm on Dec 1 it had secured only a 73.133 per cent interest in GENM, with another 0.202 per cent in acceptances still pending verification, according to The Edge.
The group had stated it would not maintain GENM’s listing status if its RM2.35-a-share offer caused the public shareholding spread to fall below 25 per cent.
The deal’s independent adviser urged shareholders to reject the offer, citing a steep discount and the stock’s strong tradability.
The RM2.35 per share offer represented a near 10 per cent premium to GENM’s last traded price of RM2.14 on Oct 10 before the stock was suspended.
Genting extended its voluntary takeover offer to Dec 1 from Nov 24 after increasing its stake only to 57.008 per cent by Nov 13.
It launched the bid on Oct 13 with a 49.999 per cent stake and crossed the 50 per cent threshold on Nov 3 after acquiring six million shares, rendering the offer unconditional.
