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
How can I make so much money from the stock market? Koon Yew Yin
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Another valuable advise by KYY on investing in share market.
*How can I make so much money from the stock market? Koon Yew Yin*
Author: Koon Yew Yin | Publi...
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