Latest Newsletter: MSWG Weekly Newsletter 16 August 2019 (English)
Genting Malaysia Bhd (GenM) – the Role of Directors
Genting Malaysia Bhd’s (GenM) proposed acquisition of a 46% stake in loss-making Empire Resorts Inc (Empire), resulting in a sell-down of GenM shares last week, saw renewed selling interest on last Tuesday (August 13) following news that Empire’s liquidity problem is prompting it to consider filing for voluntary bankruptcy in the US.
However, GenM later in a reply to Bursa Malaysia’s query dated August 15 stated that it played no part in the preparation of Empire’s Form 10-Q. And thus, it is unable to provide any view on Empire’s deliberations regarding the contents of its Form 10-Q. The Form 10-Q is an unaudited report submitted quarterly by all publicly-traded companies to the Securities and Exchange Commission (SEC).
Notwithstanding this, GenM said the acquisition of Empire by the Company and Kien Huat Realty III Limited (KH), is expected to provide Empire the opportunity to complete its projects and embark on a path to stability and growth for the benefit of all stakeholders.