November 5, 2019 / 5:43 AM / 7 days ago

Genting Malaysia buys stake in U.S.-listed Empire Resorts for about $129 million

FILE PHOTO: The logo of Genting Malaysia Berhad is seen at Genting Highlands at the state of Pahang outside Kuala Lumpur December 17, 2013. REUTERS/Samsul Said

(Reuters) - Casino and resorts operator Genting Malaysia (GENM.KL) said on Tuesday its U.S. unit bought about 13.2 million shares in Empire Resorts Inc (NYNY.O) from its largest shareholder, Kien Huat Realty III Ltd, for about $128.6 million.

Genting said the Empire shares were bought at $9.74 a share, sthe same as what it had offered to pay for a 46% stake held by Kien Huat in August. Genting had proposed to acquire and privatize Empire at the time.

Following the acquisition, Genting (USA) now holds a 38.3% stake in Empire.

Reporting by Ambar Warrick in Bengaluru; Editing by Himani Sarkar

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below