Genting extends takeover offer for Genting Malaysia to Dec 1

Thursday 17 Sep 2026

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KUALA LUMPUR (Nov 13): The closing date for the voluntary takeover offer by Genting Bhd (KL:GENTING) for Genting Malaysia (KL:GENM) has been extended to 5pm, Dec 1, from Nov 24.

The offer turned unconditional on Nov 3 after the cumulative stake held by Genting and parties acting in concert with the company crossed the 50% mark.

According to a statement issued by Genting's principal adviser AmInvestment Bank, the group now owns 3.23 billion GENM shares — representing 57.008% of GENM’s total issued shares (excluding treasury shares) — following share purchases on the open market.

Following the additional 34.93 million GENM shares acquired on the open market on Thursday, Genting has collectively acquired a total of 114.47 million GENM shares or a 2.02% stake, excluding treasury shares and shares received through valid acceptances.

The group bought an additional 34.93 million GENM shares on the open market on Thursday (Nov 13), according to the statement.

The offer price of RM2.35 per share represents a nearly 10% premium to GENM’s last traded price of RM2.14 on Oct 10 before the stock was suspended for the announcement.

“In view of the above, the present unconditional voluntary takeover offer has become an unconditional mandatory takeover offer on Nov 13,” AmInvestment Bank added.

The offer notice was issued on Oct 13, when Genting held a 49.36% stake in GENM.

Independent adviser Kenanga Investment Bank has recommended that shareholders reject Genting’s takeover offer that paves the way to take GENM private. It said the offer is “not fair”, saying that the RM2.35 per share voluntary takeover offer is below GENM’s sum-of-parts derived valuation.

The RM2.35 apiece offer represents a discount of between 32.47% and 37.67% to GENM shares' estimated value of RM3.48 and RM3.77, and a 3.69% and 19.52% discount to the shares’ one-year and two-year high market prices, Kenanga IB noted.

Kenanga IB also said the deal is “not reasonable”, noting that investors may have the opportunity to realise their investment via the open market if Genting doesn’t manage to acquire the required 90% stake to delist GENM, and due to Genting’s US prospects with a New York licence bid submitted and the restructuring of Empire Resorts.

Genting’s share price dropped two sen to close at RM3.50 on Thursday, valuing the group at RM13.57 billion. GENM’s share price was unchanged at RM2.36, giving the group a market capitalisation of RM13.95 billion.

Edited ByKathy Fong

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