Genting triggers mandatory takeover of Genting Malaysia

KUALA LUMPUR: Genting Bhd has triggered a mandatory take-over offer (MO) for Genting Malaysia Bhd (GenM) after breaching the 2% acquisition threshold within a prescribed six-month period, converting its earlier unconditional voluntary offer into a mandatory one under prevailing takeover rules.

In a statement, Genting said it acquired a further 34.93 million GenM shares from the open market.

This brings the total shares acquired by Genting and its persons acting in concert (PACs) during the six-month period beginning May 13, 2025, to 114.47 million shares, or 2.02% of GenM’s issued shares (excluding treasury shares).

Genting noted that all acquisitions were made at prices not exceeding the offer price of RM2.35 per GenM share.

As at May 13, Genting and its PACs collectively held 2.80 billion GenM shares, representing 49.44% of the company.

As their stake was above 33% but below 50%, the take-over rules require a mandatory offer to be triggered once additional acquisitions exceed 2% within six months.

“In view of the above, the present unconditional voluntary take-over offer has become an unconditional MO on Nov 13, 2025 in accordance with note 14 of paragraph 4.01 of the Rules,” it said.

On behalf of the offeror, AmInvestment Bank said the acceptance deadline has been extended from 5pm on Nov 24, 2025, to 5pm on Dec 1, 2025.

Other than the offer becoming an unconditional MO and the extended closing date, all other terms and conditions of the offer as set out in the offer document remain unchanged.