Genting Berhad has set out a plan to bring Genting Malaysia Berhad fully under its wing, unveiling a conditional voluntary cash offer valued at RM6.74 billion for all Genting Malaysia shares it does not already own. As stated in the company’s announcement, the move, tabled at RM2.35 per share, targets the 50.64% free float—about 2.87 billion shares—excluding treasury stock. At announcement, the offer represented a 9.8% premium to Genting Malaysia’s last traded price of RM2.14 before a trading halt, and up to 22.9% over longer look-back averages, with trading in both counters scheduled to resume the following day. Genting already holds about 49.36% and is seeking to tip past statutory majority.
Why Genting Wants the Keys to GENM
Genting says majority ownership would remove ambiguity over control, allowing tighter capital allocation and balance-sheet support for large projects. The company is explicit about one prize in particular: the downstate New York commercial casino license. As reported by Reuters, Genting Malaysia’s subsidiary, Genting New York LLC, has bid to upgrade and expand Resorts World New York City into a full integrated resort—an estimated US$5.5 billion development.
Genting underscores that clearer, majority control of Genting Malaysia would enhance the group’s overall financial profile and better position it to back the New York plan if a license is secured. As the filing notes, “Genting Malaysia is one of the four remaining contenders for up to three downstate New York gaming licences,” and, “If the bid is successful, significant capital investment is required to implement the above mentioned proposal. In this regard, Genting believes that with control over Genting Malaysia clearly established through its majority ownership of Genting Malaysia shares, the overall financial profile of Genting Malaysia will be further enhanced as Genting will be better placed to lend the Genting group’s financial strength and network to support the development of this significant project.”
Offer Mechanics, Funding, and Valuation Markers
The proposal—advised by AmInvestment Bank Berhad—turns unconditional once acceptances push Genting’s stake above 50%. If the threshold is met, Genting must accept all valid submissions. The price will be adjusted lower if Genting Malaysia declares or pays any dividend before the offer closes. Financing will comprise up to RM6.3 billion in new debt supplemented by internal cash. Genting flags it may not maintain Genting Malaysia’s listing if public shareholding falls below Bursa Malaysia’s 25% free-float requirement; should the group and its concert parties reach 90%, it may seek a delisting and could exercise compulsory acquisition rights under the Capital Markets and Services Act 2007 to buy out the remainder.
On valuation, the RM2.35 per share consideration implies roughly 9.1x EV/EBITDA, 53x earnings, and 1.12x book value based on audited 2024 figures—metrics that sit alongside the quoted premium ranges (9.8% to as high as 22.9%, depending on the look-back window). The company indicates the offer is expected to complete by end-2025, subject to regulatory approval by the Securities Commission Malaysia.
Genting Malaysia brings global operating breadth to the table: Resorts World Genting in Malaysia, properties in the U.S. (including Resorts World New York City), the UK, the Bahamas, and Egypt. Recent reported performance shows second-quarter 2025 revenue near RM2.92 billion, up 9.3% year-on-year, with first-half revenue at RM5.51 billion (up 1.5% year-on-year). For 2024, Genting Malaysia posted profit after tax and minority interests of RM251.2 million and reported net assets of RM11.9 billion. Market context has been mixed: year-to-date, Genting Berhad’s shares were down about 26%, while Genting Malaysia had shed roughly 5.3%, amid softer earnings and cost pressures.
In strategic terms, Genting frames the bid as cementing its position as Genting Malaysia’s holding company and ensuring ongoing consolidation of Genting Malaysia’s financials within the parent—independent of accounting-standard judgments about “control.” With 49.36% already in hand, the acceptance hurdle to secure statutory control is portrayed as achievable at the stated price. The offer document will provide the full terms to shareholders in due course.
