Tuesday, August 24, 2010

60.39% of Genting Malaysia shareholders approve acquisition of UK casino

KUALA LUMPUR:'' Genting Malaysia Bhd shareholders have approved a resolution to acquire Genting Singapore plc's operations in the UK for ''340 million.

At the EGM on Tuesday, Aug 24, the approval for the acquisition was 60.39%, or 1.177 billion shares.

Bernama reported Genting's deputy chairman, Tun Mohammed Hanif Omar as saying Genting Malaysia planned to expand its operations beyond offshore, focusing on Europe and the US.

Earlier, there were news reports that some of Genting Malaysia's shareholders were unhappy with the plan to acquire the UK casino operations as it was viewed as a related-party transaction. They also felt the price was high compared to its current value.

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