Two shareholders sell 854m shares in Genting Singapore

SINGAPORE: Two shareholders in Genting Singapore have sold a total of some 854 million shares in the gaming firm at 72 cents a share.

Golden Hope and Lakewood sold the shares to raise some S$615 million.

Bucking the overall upward trend of the local market, Genting Singapore's share price fell about 17 per cent to 72 cents in mid-afternoon trade.

The sudden price fall has prompted a query from the Singapore Exchange.

In response, Genting Singapore said it received the confirmation of the share disposals at about 12.30pm on Wednesday.

Genting Singapore said three substantial shareholders have sold a total of 1.18 billion of the company's shares.

Earlier, Dow Jones Newswires reported that Genting's founder, Lim Goh Tong, had sold a nine per cent stake, or 854 million shares, in the firm at 72 cents a share.

Genting Singapore, formerly known as Genting International, is opening a massive integrated resort in Sentosa next year.

Source