Genting proposes renewal of Genting HK disposal mandate

Casino operator Genting Malaysia has proposed the renewal of a disposal mandate for its entire 16.87 stake in cruise operator and Philippines casino investor Genting Hong Kong Limited.

The original mandate obtained on July last year from its non-interested shareholders was created in order to dispose of its entire 1.4 million GENHK shares.

According to the operator’s filing to Bursa Malaysia, so far, RWL has not disposed any of the GENHK shares since obtaining the mandate as “the share price of GENHK had been trading  below the minimum disposal price of US$0.33 for most of the time since the approval for the 2015 Disposal Mandate.”

The new disposal mandate will see the minimum disposal price to drop to US$0.29 per share, and will have one year to dispose the shares, said the firm.

Genting says the proceeds of the disposal will be used for investments and working capital of the group.