Genting S'pore up 1.7pc in heavy trade

SINGAPORE: Shares of Genting Singapore rose as much as 1.7 per cent in heavy trading today, after it said it will sell its UK casino operations to parent Genting Malaysia for £340 million (US$515.7 million).

Around 9.16 am, it was the most actively traded stock on the Singapore stock exchange, with over 24.6 million shares changing hands.

“We may actually see Genting Singapore posting a positive bottom-line (without exceptional items) after the sale, as we believe that its UK operations will still be loss-making this year,” OCBC said in a report.

Genting Singapore will receive net proceeds of around S$688.8 million and will book an excess over book value of around S$103.6 million, OCBC added.
Genting Malaysia said yesterday the acquisition complements the firm’s long-term international expansion strategy, with plans to enter markets in Europe and the US. -- Reuters