Update Genting proposes special cash dividend of 50 sen/share, restricted issue of warrants

Update Genting proposes special cash dividend of 50 sen/share, restricted issue of warrants
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Thursday, 29 August 2013 19:38

KUALA LUMPUR (Aug 29): GENTING BHD [] has proposed to declare a special interim cash dividend of RM0.50 less 25% income tax for every Genting share held.

In conjunction with this dividend payment, the mainly gaming group has also proposed to undertake a restricted issue of warrants to provide shareholders with an option to reinvest some or all of the net dividend back into the company through the subscription of warrants.

The warrants are to be issued at RM1.50 per unit, on the basis of one warrant for every four Genting shares held.

Genting said the proposed special interim cash dividend is conditional upon Genting obtaining all the relevant approvals for the restricted issue of warrants and a proposed exemption.

The proposed exemption is to be given to Kien Huat Realty Sdn Bhd (KHR), controlled by the family of the late Tan Sri Lim Goh Tong, from the obligation to undertake a mandatory takeover offer on the remaining voting shares in Genting not already held by KHR upon the exercise of the warrants by KHR and related parties.

This is because KHR and related parties are currently holding 45.98% stake in Genting, a statement from Genting said.