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Genting Shares Hit Eight Month High

25 Nov 2004

KUALA LUMPUR, Malaysia – As reported by the Singapore Business Times: "Shares of Genting Bhd, Asia's biggest publicly traded casino group, rose to an eight-month high on expectations that its plan to develop Las Vegas-style casinos in Britain with the UK's Stanley Leisure Plc will bolster profit.

"Stanley Leisure, the largest UK casino operator, said on Tuesday that it's joining forces with Genting to develop casinos in Britain and capitalise on the relaxation of the country's gambling laws. Genting said its unit, Genting International Plc, will raise US$305 million from the sale of stock to current shareholders to fund investments and acquisitions.

"Developing casinos overseas may help Genting, whose mountaintop resort near Kuala Lumpur attracts gamblers from across Asia, as it faces increased competition from regional rivals.

"…Shares of Kuala Lumpur-based Genting rose as much as 80 sen, or 4.3 per cent, to RM19.60, the highest since March 2. The stock, which rose 5.6 per cent on Tuesday, has gained 14 per cent this year, compared with the benchmark Kuala Lumpur Composite index's 15 per cent rise. Genting shares closed 40 sen higher at RM19.20 yesterday…"

 
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