KUALA LUMPUR (Nov 3): Genting Bhd (KL:GENTING) said its takeover offer for Genting Malaysia Bhd (KL:GENM) has become unconditional after the group surpassed the 50% ownership threshold on Monday (Nov 3).

According to a statement issued by Genting's principal adviser AmInvestment Bank, the group now owns 2.84 billion GENM shares — representing 50.105% of GENM’s total issued shares (excluding treasury shares) — following open market acquisitions.

Genting, which held 49.999% of GENM shares prior to the posting of the offer document, acquired an additional six million shares to cross the threshold.

The offer, announced on Oct 13, is priced at RM2.35 per share — a nearly 10% premium to GENM’s last traded price of RM2.14 on Oct 10 before the stock was suspended for the announcement.

Genting has stated that it does not intend to maintain GENM’s listing status. If successful, the privatisation would mark the exit of a company that has been listed on Bursa Malaysia for nearly four decades.

With the acceptance condition now met, the offer will remain open until Nov 24, unless extended or revised, said AmInvestment Bank.

It added that the independent advice circular is expected to be released by Nov 13.

Settlement for valid acceptances will be made within 10 days of receipt, either via direct bank transfer or by cheque, depending on the shareholder’s registration status with Bursa Depository, the principal adviser said.

Shares in Genting rose two sen or 0.6% to close at RM3.40 on Monday, valuing the group at RM13.18 billion. Genting Malaysia edged up one sen or 0.4% to RM2.34, bringing its market capitalisation to RM13.9 billion.