KUALA LUMPUR (Oct 16): Genting Bhd (KL:GENTING) executive chairman Tan Sri Lim Kok Thay’s private investment vehicle, Kien Huat Realty Sdn Bhd, has acquired additional shares in the group as its stock hovers near its two-decade lows.

The latest acquisitions bring Lim's deemed interest in Genting to 45.24% or 1.74 billion shares, according to the group’s bourse filings.

The latest acquisitions of a total of 422,500 shares happened on Oct 14 and 15 at RM1.4940, RM1.3919 apiece respectively, for a total transaction value of RM596,924.50.

Lim has raised his deemed interest in Genting by about 6.42 million shares amid the stock's sell-off in the wake of its proposed RM1.25 billion rights issue announcement last week. 

The stock has fallen 22.9% since the announcement, ending flat at RM1.45 on Friday for a market capitalisation RM5.6 billion. 

Meanwhile, group CEO Datuk Seri Tan Kong Han acquired an additional 150,000 shares in the group.

Tan acquired 50,000 shares at RM1.45 apiece on Oct 13 and another 100,000 at RM1.42 apiece for a total of RM214,500.

This amount is on top of the 400,000 shares he acquired on Oct 12 amounting to RM624,000.

Following the latest acquisition by Tan who is also the president and an executive director of the group, he now holds 2.04 million shares which represent a 0.053% direct stake in the group. He still holds an indirect stake of 0.003% or equivalent to indirect stake.

Of the RM1.25 billion proposed fundraising, Genting has earmarked RM800 million to repay borrowings, RM280 million to pay interest and other financing costs, RM149.5 million for general operation requirements and RM20.5 million to cover expenses related to the exercise.

The rights issue will be at a discount of 25% to 30% to Genting's theoretical ex-rights price, based on the company's proposal.