KUALA LUMPUR (April 6): Genting Bhd and Genting Malaysia Bhd (GenM) are seeking the green light from shareholders to buy back their own shares.

In a bourse filing yesterday, Genting said it intends to seek the approval of its shareholders to renew the group's authority to purchase its own shares at an amount which, when aggregated with the treasury shares, does not exceed 4% of Genting's prevailing total number of issued shares at any time, in its forthcoming annual general meeting (AGM).

Meanwhile, GenM said it is seeking approval to repurchase its own shares at an amount which, when aggregated with existing treasury shares, does not exceed 10% of its prevailing total number of issued shares.

Shareholders of both companies in the last AGM, held on June 22, 2020, approved the share buy-back. The renewed share buy-back authority will expire at the conclusion of the forthcoming AGM.

At 9.52am today, Genting had fallen six sen or 1.15% to RM5.16, valuing the group at RM20.24 billion. GenM, meanwhile, slipped three sen or 0.96% to RM3.10, valuing the group at RM18.47 billion.