Genting Malaysia share prices up after easing of Covid-19 restrictions

Resorts World Genting‘s casino has been closed since May.
Resorts World Genting‘s casino has been closed since May.

Genting Malaysia’s share price rose 4.06 per cent after Malaysia’s Prime Minister announced an easing of Covid-19 restrictions for fully vaccinated people.

Malaysia.- A relaxation of some Covid-19 restrictions in the eight states that have higher vaccination rates and have reduced case numbers has been well-received by the market. Genting Bhd and Genting Malaysia Bhd’s share prices rose to MYR4.73 and MYR2.82 after the news.

According to The Edge Markets, authorities will allow dining in restaurants, outdoor individual sports and interstate tourism. However, it is still unknown if casinos will be allowed to reopen in the short term.

Resorts World Genting‘s casino has been closed since Macy. It closed all of its services in June, after Malaysian Prime Minister Muhyiddin Yassin announced a nationwide Covid-19 lockdown. Until then, the resort’s hotels, food and beverage outlets, shopping malls, retail outlets and other facilities remained open.

Genting Bhd’s share price of MYR4.73 valued the company at about MYR18.33bn, while Genting Malaysia’s share price of MYR2.82 gave the company a value of about MYR16.75bn.

In July, Genting Malaysia applied for one of the five digital bank licences to be issued by Malaysia’s central bank, Bank Negara Malaysia, in the first quarter of 2022.

In June, the company was also involved in a group of investors that raised US$100m for Sightline Payments LLC, a company involved in developing digital payment technology for sports betting and casino markets.

Sightline Payment acquired Joingo LLC, a company that has a patented mobile loyalty platform that enables casino brands to reach their customers with interactive and personalised mobile marketing campaigns.

In this article:
Covid-19 Genting Malaysia