Genting Malaysia’s subsidiary makes early redemption of RM1.3b from MTNs

KUALA LUMPUR (July 10): Genting Malaysia Bhd’s (KL:GENM) said its subsidiary GENM Capital Bhd has made an early redemption of RM1.3 billion in nominal value from its RM2.4 billion medium term notes (MTN).

The early redemption of RM1.3 billion comprises the second tranche of the MTN which was issued in August 2015 for a tenure of 10 years, with a coupon rate of 4.9% per annum.

When it was issued, GENM said the proceeds from the issuance of the MTNs would be utilised for the operating expenses, capital expenditure and working capital requirements of the group.

This includes financing the development of its properties located in Genting Highlands.

CIMB Investment Bank Bhd and Maybank Investment Bank Bhd were the principal advisers and lead arrangers for the MTN programme.

GENM’s financial statements for the first financial quarter ended March 31, 2024 (1QFY2024) showed its total borrowings had risen to RM12.46 billion from RM12.22 billion as at end-December 2024, with RM12.33 billion in long-term borrowings and RM124.6 million in short-term borrowings.

The group posted a net profit of RM57.78 million in 1QFY2024, compared to a net loss of RM27.38 million a year earlier, on the back of higher revenue from its leisure and hospitality business. The net profit, however, was lower compared with the two preceding quarters — RM177.41 million in 3QFY2023 and RM239.64 million in 4QFY2023.

Quarterly revenue rose 21.08% to RM2.76 billion from RM2.28 billion in 1QFY2023

Shares in GENM closed one sen or 0.4% lower at RM2.49 on Wednesday, valuing the group at RM14.79 billion.

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