$GENTING SINGAPORE LIMITED(G13.SI)$Not only Genting HK went into bankruptcy under mountains of debt but Lim' s German shipyard which built its Dream Cruise ships, which he bought over, was closed down and taken over by the German government when he had no money to carry on.(heard the biggest cruise ship ever to be built, the GLOBAL DREAM, was abandoned incomplete, and was sold as scraps). But do not pity Lim. His losses are paper losses only.... since his billion of shares were pledged to banks to secure loans, are subscribed at nominal sums only. Some said they are not even paid up shares. The real osiers are the banks and tens of thousands of shareholders...
After he closed down Genting HK which operated mainly cruises, he quietly registered a NEW cruise ship company in Singapore. Then he directed his chief executives to quietly go and buy over Genting Dream at a dirt cheap price. Now he' s back in the cruise business....
but Lim' s problems are not over.... he has big issues in Macau, Australia and US. Ang Moh companies in the casino industry, are probably in the know, and seize the opportunity to try to strike a deal with him. What it is we really don' t know yet..... in details
SHARES of mainboard-listed Genting Singapore : G13 +7.33% jumped as much as 9.3 per cent to hit an intraday high of S$0.82 before trading halted during the midday break on Friday (Jul 15).
It closed at S$0.805 before trading ceased, with around 112.8 million shares changing hands &mdash making it the most heavily traded counter by volume on the Singapore bourse.
The last time the index counter closed near this level was in May 2022.
No married deals were recorded according to data from ShareInvestor.
The surge in trading price and trading activity comes after talks of rising investor interest in Genting Singapore emerged as Singapore begins welcoming tourists back.
Bloomberg reported on Friday morning that US rival MGM Resorts International had recently approached the company&rsquo s controlling shareholder, the billionaire Lim family, to express its interest in a deal.
While those discussions did not lead to an agreement, other potential suitors have also been in the preliminary stages of studying Genting Singapore, said Bloomberg, citing people with knowledge of the matter who declined to be named as the information is private.
On May 12, the company posted a net profit of S$40.4 million for the first quarter ended Mar 31, 2022, up 17 per cent from S$34.5 million in the year-ago period. It attributed the higher profits to gradual increase in footfall to Resorts World Sentosa (RWS).
Genting Singapore operates RWS, which features more than 550 gaming tables and over 2,400 slot machines and other electronic games, according to its website. Its other attractions include the Universal Studios Singapore theme park as well as an aquarium, a water park, restaurants and shops.
The Singapore Exchange Regulation issued a query to the casino operator shortly on the same day, citing &ldquo unusual price movements&rdquo .
The bourse regulator asked if the company was aware of any information or explanation for the trading activity and if it was still in compliance with the listing rules, and in particular, mainboard Rule 703
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