Not in any ongoing talks on potential deal, says Genting Singapore

SINGAPORE (THE BUSINESS TIMES) – Casino firm Genting Singapore on Sunday (July 17) said it is not aware of nor involved in any ongoing discussions on a potential transaction involving the company.

The company added that Genting Berhad chairman Lim Kok Thay has said that Genting Berhad received an unsolicited approach for its shareholding in Genting Singapore that “has not been pursued”. Mr Lim is the indirect controlling shareholder of Genting Singapore.

Genting Singapore, which owns Resorts World Sentosa and Universal Studios Singapore theme park, was responding to queries from the Singapore Exchange (SGX) regarding “unusual price movements” in its shares on Friday.

The stock had jumped as much as 9.3 per cent to hit an intraday high of 82 cents before the company called for a trading halt at 1pm on Friday.

The surge in trading activity came after Bloomberg reported on Friday morning that United States rival MGM Resorts International had recently approached the company’s controlling shareholder, the billionaire Lim family, to express its interest in a deal.

While those discussions did not lead to an agreement, other potential suitors have also been in the preliminary stages of studying Genting Singapore, reported Bloomberg, citing people with knowledge of the matter.

Genting Singapore said that apart from the media reports and the information from Mr Lim, the company is not aware of any information not previously announced that might explain the trading of its shares on Friday.

The counter closed at 80.5 cents, up 5.5 cents or 7.3 per cent, before Friday’s trading break.