Signage of Genting Malaysia’s Resorts World displayed at its complex of casino, hotel and entertainment park in Genting Highlands, Pahang, Malaysia Sep. 16, 2022. Photo by Reuters
Casino giant Genting Malaysia will stay listed after its parent company Genting failed to secure the 75% stake to take it private.
Genting in October launched its offer to acquire the 50.64% stake it did not already own in its Malaysian arm, noting that it would delist the firm if the deal pushed its public shareholding spread below the 25% threshold.
But according to its latest filing, the offer closed on Monday with Genting holding 73.133% of the company, with another 0.202% still pending verification, as reported by The Edge Malaysia.
Genting had offered RM2.35 (US$0.57) per share about 10% above Genting Malaysia’s last close of RM2.14 on Oct. 10 before trading was halted for the announcement.
However, Kenanga Investment Bank, Genting Malaysia’s independent adviser, urged shareholders to turn down the offer, citing a steep discount to the company’s valuation, according to Bloomberg. It estimated the firm’s fair value at RM3.48-3.77 per share.
Genting Malaysia last week reported a net profit of RM119.7 million for the third quarter ended Sept. 30, 2025, down 79% year-on-year mainly due to weaker foreign exchange gains. It closed flat at RM2.35 on Monday with a market value of RM13.3 billion (US$3.21 billion), up 3.98% so far this year.
Its parent Genting posted a net profit of RM30.3 million for the same quarter, falling from RM223.8 million a year earlier. Its shares ended 2.75% higher at RM3.36, valuing the company at RM12.9 billion, a 12.95% year-to-date fall.
Also on Monday, Genting’s Resorts World was selected to run one of three coveted commercial casinos in New York City, which is expected to generate billions of dollars in revenue.
