KUALA LUMPUR (Nov 17): Genting Malaysia Bhd said its indirect wholly-owned dormant subsidiary Stanley Leisure (Ireland) Unlimited Company will be dissolved on the expiration of three months after the lodgement of the return of final winding up meeting on Friday (Nov 12) with Ireland's Companies Registration Office.

The return of final winding up meeting refers to the document which the liquidator lodges with the Companies Registration Office upon settlement of all liabilities and sale of assets of Stanley Leisure (Ireland).

In a Bursa Malaysia filing on Tuesday (Nov 16), casino and hotel operator Genting Malaysia said the liquidator of Stanley Leisure (Ireland) on Nov 9, 2021 held the final meeting to conclude the member's voluntary liquidation of Stanley Leisure (Ireland).

"Pursuant to Section 705(7) of the Companies Act 2014, on the expiration of three months after the lodgement of the return, Stanley Leisure (Ireland) will be dissolved," Genting Malaysia said.

A company's voluntary liquidation refers to the process of winding up the firm under a scheme initiated by its directors and shareholders when the firm no longer serves its intended aim to exist.

Genting Malaysia, however, did not specify in the Bursa filing who is the liquidator of Stanley Leisure (Ireland) and reasons behind the planned dissolution of Stanley Leisure (Ireland).

Prior to Genting Malaysia's Tuesday Bursa filing, Genting Malaysia on Feb 2, 2021 told Bursa that Stanley Leisure (Ireland) was placed under member's voluntary liquidation pursuant to the provisions of the Companies Act 2014 of Ireland on Jan 27, 2021.

"The member's voluntary liquidation of Stanley Leisure (Ireland) will not have any material impact on the net assets and earnings per share of the Genting Malaysia group for the financial year ending Dec 31, 2021," Genting Malaysia said.

At 3.04pm on Wednesday, Genting Malaysia's share price rose two sen or 0.64% to RM3.16, giving the company a market capitalisation of about RM17.85 billion based on the company's 5.65 billion issued shares.

Year-to-date, the counter's price has risen to the current levels from its closing price of RM2.67 on Jan 4, 2021.