KUALA LUMPUR (Nov 18): Genting Malaysia Bhd's joint venture with Kien Huat Realty III Ltd has together with Empire Resorts Inc commenced steps to delist all Empire common stock from the Nasdaq Global Select Market.
Genting Malaysia had last week announced that Empire's stockholders had approved Genting Malaysia-Kien Huat's (GM-KH) joint proposal to acquire by merging the outstanding shares held by shareholders of Empire that are unaffiliated with GM-KH at US$9.74 (RM40.52) each.
In a statement to Bursa Malaysia on Nov 14, Genting Malaysia said the US-listed casino operator's stockholders approved the proposed merger at a special meeting on Wednesday.
Today, Genting Malaysia said the proposed merger, which took place on Nov 15 (United States Eastern date/time), marked the completion of the proposed transactions.
Kien Huat, an investment vehicle controlled by Tan Sri Lim Kok Thay, and Genting Malaysia collectively control an 86% stake in Empire via their JV company, Hercules Topco LLC. Lim also owns a 49.45% indirect stake in Genting Malaysia.
At the midday break today, Genting Malaysia shed 0.62% or 2 sen to RM3.20, valuing the group at RM19 billion.