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BackShares in Malaysia’s Genting tumble by most in 28 years
Shares in Malaysia’s Genting tumble by most in 28 years
Urgent
SCMP Economy1 hour agoBusiness1 min readChina

Shares in Malaysia’s Genting tumble by most in 28 years

gentingrights issuestock decline

Quick Look

Genting's stock fell as much as 17% to 1.56 ringgit, its biggest decline since 1998, after announcing a rights issue at a 25-30% discount to raise funds for debt repayment and working capital amid rising borrowings and quarterly losses.

AI-generated summary

Why It Matters

Genting reported a net loss in the second quarter and saw total borrowings rise to 45.3 billion ringgit by end June, prompting the company to launch a discounted rights issue to strengthen its balance sheet.

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The stock fell as much as 17 per cent to 1.56 ringgit, the biggest decline since 1998.

The issue price would be fixed at a discount ranging between 25 and 30 per cent, Genting said in a bourse filing on Friday, adding that proceeds raised would be used to repay its borrowings and fund working capital.

The fundraising comes as Genting grapples with mounting debt and falling profitability. The gaming giant in August reported a net loss for the second quarter, while total borrowings rose to 45.3 billion ringgit as of end June.

“Our scenario analysis reveals not only minimal interest savings and de-gearing but also marked earnings-per-share and book value per share dilution,” Samuel Yin, an analyst at Maybank Investment Bank, wrote in a report.

What to Watch

AI outlook — possibilities, not facts

  • Genting's share price may continue to face pressure in the near term due to dilution concerns from the rights issue

    Likely · Within weeks

Open Questions

  • What is the exact size of the rights issue in ringgit terms?
  • How will the funds specifically be allocated between debt repayment and working capital?
  • What is the timeline for completion of the rights issue?

Related Topics

genting
PeopleSamuel Yin
OrganizationsGentingMaybank Investment Bank
PlacesMalaysia
Topicsrights issuestock declinedebt repaymentmalaysiamaybank investment bank
This article was originally published by SCMP Economy.

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