Genting Intl invests another RM924m in RWS

PETALING JAYA: Genting International Plc is pumping an additional S$400 million (RM924.15 million) into its wholly owned Resorts World at Sentosa Pte Ltd (RWS) by subscribing to 400 million new shares in the firm.

In a statement yesterday, the integrated resorts specialist said the additional investment, via its unit Star Eagle Holdings Ltd, raised its investment in RWS to S$1.5 billlion from S$1.1 billiion.
Genting International had used proceeds from its three-for-five-rights issue of 3.61 million shares at 60 cents apiece for the S$400 million subscription.

The firm said the additional investment in RWS was not expected to have any material impact on the its consolidated net tangible assets and earnings per share for its fiscal year ending Dec 31, 2008.

RWS, incorporated in Singapore in 2005, had on Dec 8, 2006 obtained the right from the Singapore government to develop an integrated resort project on Sentosa Island.

The family resort, with an estimated investment of S$5 billion, is targeted for completion in 2010. It will be home to Universal Studios Singapore, which is the region’s first Universal Studios theme park, and also the world’s largest oceanarium Quest Marine Life Park.

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