Malaysian gaming group Genting has paid US$100 million for a 3.2 per cent stake in US casino operator MGM Mirage, the Financial Times reported today.Genting is “constantly looking to broaden our portfolio of strategic investments and strengthen partnerships around the world,”
Justin Leong, head of strategic investments and corporate affairs for Genting, was quoted by the newspaper as saying.When contacted by Reuters, Leong said the company is not required to disclose the share purchase.Genting and its unit Resorts World had earlier subscribed for a combined US$100 million worth of notes issued by MGM Mirage last month.
The debt papers were part of MGM’s $1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes.Analysts had said the investments could pave the way for Genting to acquire a stake in MGM or take over the US casino operator’s investment in MGM Grand Macau. - REUTERS
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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