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Genting Malaysia defends Empire stake buy

The Edge Markets
The Edge Markets8/16/2019 11:39 AM GMT+08  • 3 min read
Genting Malaysia defends Empire stake buy
KUALA LUMPUR (Aug 16): Genting Malaysia Bhd (GenM) says its RM538 million ($178.4 million) related party transaction (RPT) to acquire a stake in Empire Resorts Inc is deemed a “worthwhile investment”.
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KUALA LUMPUR (Aug 16): Genting Malaysia Bhd (GenM) says its RM538 million ($178.4 million) related party transaction (RPT) to acquire a stake in Empire Resorts Inc is deemed a “worthwhile investment”.

Genting Malaysia said this in a filing yesterday after Bursa Malaysia queried the gaming group to confirm or deny the contents of The Edge Financial Daily’s article, entitled “Empire Resorts on the brink of filing for bankruptcy”, which was published on Tuesday.

The group said Empire is having liquidity problem and the proposal made by Genting Malaysia and Kian Huat Realty III to take the ailing US-based casino operator private is an alternative to address its financial problems.

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