Malaysia’s Genting Berhad is set to trade an additional 40 million ordinary shares via the US Securities and Exchange Commission (SEC) in order to gain greater visibility with the US financial community.
Genting revealed on Friday that it has been granted SEC approval to trade 8 million American Depository Receipts (ADR) shares – equal to 1.04% of the company’s issued share capital – under the ADR Program. One ADR share is equal to five Genting shares.
In a filing, Genting said the ADR Program “will enable the company to gain visibility with the financial community in the US and widen Genting’s shareholder base as well as enlarge the market for Genting shares.”
Genting Berhad is the parent company of Genting Singapore, which operates Singapore’s Resorts World Sentosa, and Genting Malaysia which owns Resorts World Genting near Kuala Lumpur as well as the majority of the company’s US-based properties. Genting Berhad directly owns the US$4 billion Resorts World Las Vegas currently being developed at the northern end of the Las Vegas Strip.
RelatedPosts
