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Genting Aims to Grow

4 Oct 2004

MALAYSIA – As reported by the Singapore Business Times: "Malaysia's sole casino group Genting is betting on becoming a bigger regional power player in what is seen as a move to further cut its dependence on gamblers' wagers amidst rising regional competition.

"Controlled by the Lim family, the group is set to venture into the power sectors of China, Indonesia and the Philippines.

"As a sign of imminent deals in the three countries, the group last week set up GP China, Genting Power Indonesia and Genting Power Philippines. The three power business-based vehicles with a nominal paid-up capital of US$2 each were incorporated in the Isle of Man, according to a disclosure to the exchange. No other details were available.

"…The Genting group has been trying to acquire new power generation assets in the region in a bid to rely less on its casino at its highland resorts on the border of Selangor and Pahang. The Genting Highlands casino generates 70 per cent of the group's earnings.

"…It recently acquired stakes in two UK casino groups - 100 per cent in Maxims Casino and a 15 per cent interest in London Clubs International. The two UK casinos have over a dozen outlets…'

 
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