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Genting finds lenders

11 Oct 2006

MALAYSIA – As reported by the Edge Daily: "Genting Bhd got five banks to lend close to US$1.5 billion (RM5.54 billion) for its proposed Singapore casino project, according to Bloomberg.

"Genting had announced on Oct 10 its joint bid with Star Cruises Ltd to spend more than US$3.1 billion (RM11.64 billion) to build the casino on Sentosa island, competing with rivals Kerzner International Ltd and Eighth Wonder.

"Genting hired Barclays Plc, Citigroup Inc, DBS Group Holdings Ltd, HSBC Holdings Plc and Royal Bank of Scotland Group Plc for a bridging loan for one year, the people, who declined to be identified, told Bloomberg.

"The five banks also provided 368 million pounds (RM2.52 billion) in funding to help finance Genting's acquisition of Stanley Leisure Plc, according to data compiled by Bloomberg.

"…Genting share price closed 25 sen lower to RM26.25 while its call warrants fell two sen to 38.5 sen. Resorts World Bhd rose 40 sen to RM11.80."

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