30-04-2008: Genting International ends talks with Singapore Sports Hub

KUALA LUMPUR: Genting International plc has discontinued talks with the Singapore Sports Hub Consortium on a proposed construction of a hotel in the Singapore Sports Hub.

Talks have ceased “as it has been informed that the Singapore Sports Council has decided not to have a hotel in the Singapore Sports Hub at this point in time”, Genting International managing director Justin Tan Wah Joo said in a statement yesterday.

It was previously reported that the plan had been to build, at the sports hub, a four-star hotel with 500 rooms that will cost about S$200 million (RM463.12 million). Genting International was reportedly to have been given the go-ahead to run the hotel for 25 years.

Genting International shares fell 0.5 Singapore cents to 60.5 Singapore cents on the Singapore Exchange yesterday with 3.65 million shares done. Investor’s concerns on Genting International are more related to costs at its integrated resort.

Genting Bhd, which owns 56.61% of Genting International via Genting Overseas Holdings and Resorts World Bhd (or an effective stake of 54.43%), ended trading unchanged at RM6.50.

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