Genting Singapore Limited has told the Singapore Exchange that it is not aware of any ongoing discussions over a potential change of ownership, but confirmed its Executive Chairman and controlling shareholder Lim Kok Thay recently received an “unsolicited approach”.
The update follows reports late last week that US casino giant MGM Resorts International has held discussions with the Lim family over a potential takeover or investment in Genting Singapore, the operating entity of Singapore’s Resorts World Sentosa.
Responding to queries from the Singapore Exchange, which resulted in trading in Genting Singapore shares being halted on Friday, the company said it is “not aware of nor has it been party to any ongoing discussions concerning any potential transaction.”
However, having undertaken further enquiries, “Tan Sri Lim Kok Thay, the Executive Chairman and indirect controlling shareholder of the Company, has informed the Company that he is aware, by virtue of his position as Executive Chairman and Chief Executive of Genting Berhad, that Genting Berhad had received an unsolicited approach for its shareholding in [Genting Singapore].”
This approach has not been pursued, the company added.
The original Bloomberg report on MGM’s approach had also stated that no deal was reached but suggested MGM “could resume its pursuit of the company.”
Trading in Genting Singapore’s shares resumed on Monday morning.
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