The offer is conditional upon Genting receiving enough acceptance to raise its shareholding above 50% of the voting shares in Genting Malaysia.
Currently, Genting holds a 49.36% stake in Genting Malaysia.
The privatisation, if successful, would be the largest acquisition in more than four years and comes at a time when Genting Malaysia is bidding for a casino licence in New York as part of a US$5.5 billion resort development in Queens.
Shares of Genting Malaysia have also largely remained below pre-Covid levels, partly dragged by related-party transaction concerns after the company took over the loss-making Empire Resorts owned by the founding family of the Genting group.
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Both Genting and Genting Malaysia have also been kicked out of the FBM KLCI, the country’s benchmark equity index.
