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Genting Rights Issue 1: 5 @ 80 cts raise S$1.63B
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frasersec
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29-Jan-2011 14:39
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Las Vegas Sands’ Singapore casino CEO resigns Tags: Marina Bay Sands Written by Medeline Ting Friday, 28 January 2011 21:23 Share this Digg Del.icio.us StumbleUpon Netscape Yahoo Technorati Googlize this FacebookExport PDFPrintE-mail Tom Arasi, chief executive of Marina Bay Sands, the Singapore casino of U.S. group Las Vegas Sands (LVS.N), has resigned and will leave on Feb. 18, according to a memo seen by Reuters on Friday. A Marina Bay Sands spokeswoman confirmed Arasi’s resignation but declined to elaborate. Marina Bay Sands, built at a cost of US$5.5 billion ($7.03 billion), opened its doors last April. It US$242 million in earnings before interest, tax, depreciation and amortisation for the quarter ended Sept 30, Las Vegas Sands said on Oct 27. The U.S. casino group will report fourth-quarter results on Feb 3. GENTING's share price has been under a lot of Shorties' Pressure not Bulge Brackets', none of the BANKS are selling their Genting shares, noting that Genting's 4th Quarter Results will be Extraordinarily Higer than any of the previous Quarters, "big operators" have been shorting the stock to consolidate at a lower price in wait for the BIG WAVE. Results on the 18th FEB, any wonder why Tom Arasi, the chief executive CEO of Marina Bay Sands, biggest and one and only rival of Genting has resigned and will leave on Feb. 18? Brokerages and banks have been keeping their "BUY" calls even when the share price dropped 20cents in 1-2 weeks? Coincidental? Do note from the chart, Genting "always" dropped the previous 8-10days before the Significant RiseUp Rally of 20-30cents. The recent "bad air" surrounding Casino stocks involve STANLEY HO, the billionaire, and his fight with his relatives over his shares in the biggest casino stakes. Singapore "PUNTERS" or should we just call them "OPERATORS", have been chancing on this MUCH NEEDED news to SHORT the stock so as to consolidate at a lower price. Genting is and will always be Punter's favorite for it is easy to manipulate and retailer's are always one step forward two steps back. CHINESE NEW YEAR what can we expect from Genting's earnings? Where do people go during this 4days period but to try their luck? The BIG CHINESE NEW YEAR rally coinciding with GENTING'S fourth QUARTER results due later in the month is the catalyst to push the price at least to a reasonable range of 2.3 - 2.5 based on NAVs and BUY CALLS targets of DBS VICKERS, OCBC SECURITIES, KIM ENG, PHILIPS ranging from 2.5 to 2.7. Wonder why none of the brokerages issued any "NEWS" regarding Genting while still maintaining their BUYS even after a significant 20cents drop in 1-2 weeks? NONE of the brokerages but KAYHIAN are opposite BUYS. The recent price action has been the result of "syndicates of operational SHORTIES'" consolidations and accumulations. CATCH THE SHORTIES and FLY WITH THE BIG BOYS. |
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AK_Francis
Supreme |
16-Oct-2009 10:53
Yells: "Happy go lucky, cheers." |
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Comrade, tks for d info. Ha ha, will only can go back kampong after 21 liao. Cheers.
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katak88
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16-Oct-2009 10:41
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15-Oct-2009 21:38:17 RENOUNCEABLE UNDERWRITTEN RIGHTS ISSUE - FINAL RESULTS OF RIGHTS ISSUE http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_301820B5F939248E48257650004AB08C/$file/FinalResultsAnnouncement.pdf?openelement ISSUE AND LISTING OF RIGHTS SHARES The Rights Shares are expected to be issued on 20 October 2009 and listed and quoted on the Main Board of the SGX-ST with effect from 9.00 a.m. on 21 October 2009. Completion of the issue of the Rights Shares will be announced via SGXNET in due course. The Rights Shares will, upon allotment and issue, rank pari passu in all respects with the then existing Shares for any dividends, rights, allotments or other distributions, the Record Date for which falls on or after the date of allotment and issue of the Rights Shares.TRADING OF ODD LOTS A temporary counter to facilitate the trading of Shares in board lots of 200 Shares will be maintained for a period of one month commencing on 21 October 2009. |
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katak88
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09-Sep-2009 22:37
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Genting falls on Genting S'pore rights share plan Written by Joseph Chin Wednesday, 09 September 2009 16:18 KUALA LUMPUR: GENTING BHD [ ]'s share price fell the most in more than a month during afternoon trade on Sept 9 after Genting Singapore announced its rights issue to raise S$1.63 billion at 80 cents each or 32.8% below the previous day's closing price. It closed 30 sen lower at RM6.87, the most since July 29. There were 16.4 million shares done. Genting Singapore's proposed rights issue involves up to 2.04 billion new shares of 80 cents each and it would be on the basis of one rights shares for every five held. "The rights issue is expected to raise gross proceeds of up to S$1.63 billion and is undertaken to pro-actively strengthen the balance sheet of the company and its subsidiaries (the group), enhance its financial flexibility and competitive position and facilitate future business expansion," Genting Singapore said in a statement to the Singapore exchange. Genting Singapore, which is about 54% held by Genting Bhd, is building one of the city-state's two integrated casino resorts. It is also the largest casino operator in the UK. Genting Singapore will resume trading on Thursday, Sept 10 |
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katak88
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09-Sep-2009 22:23
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SINGAPORE - Gaming operator Genting Singapore Wednesday announced plans for a rights issue to raise 1.63 billion Singapore dollars to fund future expansion. The company, part of Malaysian gaming conglomerate Genting Berhad, said it would use 60 percent of the funds raised to pursue business opportunities in the leisure, hospitality and gaming sectors. The rest of the money will be set aside for working capital purposes, it said in a statement. Existing Genting Singapore shareholders can subscribe for new shares at 80 cents each, which represents a discount of 32.8 percent to the company's closing price of 1.19 dollars Tuesday on the local exchange, it said. Genting Singapore, which has a market capitalisation of 11.5 billion dollars, is building a casino resort in the city-state's Sentosa island. It said the 6.59-billion-dollar Resorts World at Sentosa is scheduled for a soft opening in early 2010. Resorts World at Sentosa is one of two casino resorts under construction in Singapore. Las Vegas Sands is building the city-state's other casino, called Marina Bay Sands, near the business district. Business Times - 09 Sep 2009 Update: Genting S'pore plans US$1b rights * Possible cost overrun at Singapore casino: AmResearch * Genting Bhd shares fall more than 3% in Kuala Lumpur SINGAPORE - Casino operator Genting Singapore plans to raise more than US$1 billion through a rights issue to help fund a casino and build a war chest for possible acquisitions, sources said on Wednesday. 'It's a big issue. Over US$1 billion,' a source with direct knowledge of the deal told Reuters. Genting shares were suspended earlier on Wednesday. Genting's fund-raising is set against a backdrop of casino firms keen to take advantage of rising Asian stock markets and tap investor interest in the region's growing casino business. Las Vegas Sands, the world's most valuable casino firm, plans to spin off its Macau operations in a Hong Kong initial public offering to raise as much as US$3 billion, while Wynn Resorts is expected to list its Macau business in the fourth quarter. Genting Singapore's rights issue was likely prompted by cost overruns at the Resorts World at Sentosa casino that it is building in the city-state, AmResearch said in a note. 'Our channel checks point to a potential rights issue. However, as Genting Singapore still has sufficient funds ... we suspect that development cost of Resorts World Sentosa could have exceeded its budgeted cost of $6.59 billion,' it said. Shares in Malaysian-listed casino operator Genting Bhd dropped more than 3 per cent, while the main index was off 0.5 per cent. Genting Singapore, about 54 percent-owned by Genting Bhd, is building one of the republic's two integrated resorts. It is also the largest casino operator in the United Kingdom. Genting Singapore shares have more than doubled this year, and closed at $1.19 on Tuesday. The firm has been reporting losses since it listed in Singapore in December 2005, hit by the cost of building the Singapore casino and writedowns related to its purchase of casinos in Britain. It posted a second-quarter net loss of $50.7 million. Genting's Resorts World at Sentosa casino has been plagued by cost overruns due to the escalating price of steel and other building materials. The latest cost estimate is about $6.6 billion ($4.6 billion), more than the $5.2 billion price tag cited shortly after the firm won the Singapore bid in December 2006. Genting Singapore's rights issue will be underwritten by about eight banks, including UBS, JPMorgan, DBS, Deutsche Bank and HSBC, sources said. -- REUTERS |
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