Genting Singapore says not in talks with investors on potential deal

MAINBOARD-LISTED Genting Singapore on Sunday (Jul 17) said it is not aware of nor involved in any ongoing discussions on a potential transaction involving the company.

The hospitality company was responding to queries from the Singapore Exchange (SGX) regarding “unusual price movements” in its shares on Friday.

Shares of Genting Singapore had jumped as much as 9.3 per cent to hit an intraday high of S$0.82 before trading halted during the midday break on Friday.

The surge in trading activity came after Bloomberg reported on Friday morning that US 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.

In its response to SGX, the company said that aside from the media reports on the matter, it is not aware of nor involved in any ongoing discussions concerning any potential transaction.

SEE ALSO

Hot stock: Genting Singapore up 9.3% before trading halted

While Genting Berhad had received an unsolicited approach to buy over some of the company’s shares, the deal was not pursued, it added.

Other than these, Genting Singapore is not aware of any information concerning the company which might explain the trading activity seen on Friday.

The counter closed at S$0.805, up S$0.055 or 7.3 per cent, before Friday’s trading break.