Genting Singapore has confirmed that the group it is “not aware of nor has it been party to any ongoing discussions concerning any potential transaction”.
This comes as the company responded to questions from the Singapore Exchange regarding perceived unusual price movements, with shares up more than nine per cent at the latter end of last week, after several media outlets mooted acquisitive interest in the company.
This saw Bloomberg, among others, report that MGM Resorts International had made overtures to the billionaire Lim family, controlling shareholder of Genting Singapore, to sound out potential interest in a deal.
In response to the SGX query, the company noted that while an “unsolicited approach” was received there’s no interest in pursuing a deal regarding a potential divestment.
“The company is not aware of nor has it been party to any ongoing discussions concerning any potential transaction,” Genting Singapore noted in its SGX response.
“Further to enquiries made by the company of its directors and senior management pursuant to the queries from the SGX-ST, Tan Sri Lim Kok Thay, the Executive Chair and indirect controlling shareholder of the company, has informed the company that he is aware, by virtue of his position as Executive Chair and Chief Executive of Genting, that Genting had received an unsolicited approach for its shareholding in the company, which has not been pursued.
“Save in respect of the foregoing media reports and the information provided by Tan Sri Lim Kok Thay, the company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which might explain the trading on July 15, 2022.
“The company will, in compliance with the corporate disclosure policy of the SGX-ST listing manual, make the necessary disclosures (if any) at the appropriate time.”
Genting Singapore operates Resorts World Sentosa, one of two integrated resorts in the city-state alongside Las Vegas Sands’ Marina Bay Sands.
The resort, worth in excess of $5bn, features six themed hotels with approximately 1,600 hotel rooms, casino, aquarium, aquatic park, Universal Studios Singapore, spa, selection of indoor and outdoor MICE venues, and a variety of dining, retail and entertainment options.