Genting International to launch IPO on Friday: sources

sbst275 SG

Gaming operator, Genting International is expected to launch its initial public offer on Friday.

According to sources familiar with the deal, Genting will be offering some 1 billion new shares at 35 Singapore cents each, up from 700 million shares estimated earlier.

The new shares will make up about 21 percent of the company's enlarged capital.

Some S$350 million will be raised from the IPO.

The share sale is part of Genting's move to switch its primary listing to the Singapore Exchange from Luxembourg.

Potential investors tell Channel NewsAsia the institutional book for Genting is at least 7 times subscribed.

Several strategic investors are believed to have been roped in.

Temasek Holdings is reported to be one of them but the investment company declined comment.

Genting International owns the UK's Maxim's Casino Club.

It also has a 20 percent stake in UK-listed Stanley Leisure, with which it also has a joint venture to develop casinos in Britain.

Genting also owns 29 percent of betting clubs operator London Clubs International

Genting is in the running for the integrated resorts project in Singapore.

It is also looking for opportunities in Macau and elsewhere in the region.

Trading in the counter is expected to begin on the SGX mainboard on December 12. - CNA/ch

iveco SG

I always thought Genting was a Malaysian-based company.

sbst275 SG

It is

But you dun have to be listed in Bursa

iveco SG

I see. Same principle as Tat Hong.

Still, nothing is mentioned about Genting's assets in Pahang.

sbst275 SG

Remember Creative's case?

Their asset in Pahang? Laughing You have forgotten Star Cruise also

iveco SG

Does Genting have any share in Star Cruises Plc?

Anyway, what's with Creative? I've quite forgotten.

sbst275 SG

It is Genting Bhd's subsidary

Creative... Remember it ended up have to list @ NYC?

iveco SG

Did it list in USA before shifting back to Singapore or list on both NYSE and SGX?

sbst275 SG

It listed in USA 1st bef on then SES

iveco SG

I see. Genting seems to be following them more closely in that case. BIL and Tat Hong merely transferred their authorised capital over to SGX.

sbst275 SG

Dairy Farm as well

KumSioJui SG

isn't genting already on clob?

ah this is an excuse for them to list on SGX and raise money at the same time to tender for the Integrated Resorts. And if they get it I think they will issue more shares to finance the construction. No no for me.

Creative however, hmm ... it's been hitting $14 lately, my estimate is an upside of upto $19 Mr. Green

no vested interest

sbst275 SG

Clob? That's hardly traded except Star Cruise

Even Li Ka Shing's Hut is CLOB share as well

iveco SG

DFI is listed on both HK and SG stock exchanges, am I right?

sbst275 SG

Not very sure abt HS but they shifted to SG was due to row with HS ppl

KumSioJui SG

well clob is hardly traded these days save for a few counters due to the fact that malaysia under mahathir dishonored those shares and many thousands incl myself got burnt.

Actually genting use to be cash rich, until again mahathir used the money there to bail out several of his cronies.

I don't want to put money into such a company that anyday can kanna kelong. Laughing

sbst275 SG

Anyway, Bursa many counters are in trouble

Even Berjaya is like in a mess

KumSioJui SG

tsk ... but creative huh ... tsk, I like this counter very much, they always have a knack of pulling themself out of trouble by coming out with new products everytime. And they always like to prove the market and analyst wrong. Always like to post "above expectation" results even if it exceeded only be few cents per share.

I like such companies, they have pride, I once made 5k by holding on to creative for 4 months, had I held on longer for 3 more months I would have made 69k sigh ...

but lately hor ah sim doesn't seems to be himself and no longer seems to enjoy being the posterboy.. mebbe war wif apple really not going well. Sad