Genting ups Landmarks stake to 29.68%

20-11-2007: Genting ups Landmarks stake to 29.68%
by Joseph Chin

KUALA LUMPUR: Genting Bhd continued to accumulate shares of Landmarks Bhd, acquiring nearly 1.96 million shares from Nov 12 to 16 to increase its shareholding to 142.68 million shares, or 29.68%.

A filing with Bursa Malaysia showed the shares were acquired by Phoenix Spectrum Sdn Bhd, a unit of Genting.

It acquired 840,000 shares at RM3.178 apiece on Nov 12, as well as another 286,000 shares on the next day at RM3.18 each.

On Nov 14, it bought 480,000 shares for RM3.18 apiece, acquiring another 353,000 shares for RM3.176 each on Nov 16.

Landmarks’ subsidiary Bintan Treasure Bay Pte Ltd (BTB) is planning a multi-billion ringgit resort on Bintan Island, Indonesia, with a gross development value of RM4 billion.

To finance the project, Landmarks had recently stated it might team up with overseas partners and also sell part of its land bank to developers to raise funds for its plan to boost its Bintan Treasure stake.

Landmarks has sought to acquire an additional 9.5% in Bintan Treasure from Bold Impact Enterprises Ltd for S$23.17 million (RM53.3 million) cash, which would boost its shareholding to 74%.