Genting Singapore says no sale discussions ongoing

MGM Resorts International was reported to have made an approach for the business.
MGM Resorts International was reported to have made an approach for the business.

Genting Singapore has confirmed that it received an unsolicited approach for its holding in but denied that it is in talks.

Singapore.- Genting Singapore Ltd has said that it is “not aware of, nor has it been party to, any ongoing discussions” about a potential sale of the business. It confirmed that Genting Bhd had received an unsolicited approach for its stake in the company but said that the offer had “not been pursued”.

The statement issued to the Singapore Exchange yesterday (Sunday), did not identify who had made the “unsolicited approach”, but on Friday (July 15) Bloomberg reported that MGM Resorts International had been in touch with controlling shareholder, the Lim family, to explore a deal.

Genting Singapore rose as much as 9.3 per cent on that news, reaching its highest price in nearly two years. The company suspended trading until Monday morning (July 18).

In May, Genting Singapore posted a net profit of SG$40.4m (US$28.9m), up 17.3 per cent quarter-on-quarter and up 16.9 per cent when compared to last year.

Singapore expects an increase in foreign visitors in H2

The Singapore Tourism Board (STB) expects “between 4 and 6 million” international visitor arrivals for 2022. Authorities says they are confident that visitor numbers for the year’s second half will be up by at least two-thirds compared to the first half figures.

The government reported that 1.5 million visitors arrived in the country in the first half. The top five source markets were Indonesia (282,000), India (219,000), Malaysia (139,000), Australia (125,000) and the Philippines (81,000).

However, the STB said tourist traffic may still face headwinds for the remainder of the year due to the volatile global political and economic situation and the ongoing impact of Covid-19. 

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