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Probably now Gent and GenM can form a new joint venture, thereafter inject RWLV and RWNYC into the new business entity and list it from there since Gent doesn’t intend to “privatise” GenM.
According to the Gent management, their intentions were never to take over GenM but just to acquire (50%+1) share. What Gent wanted to do with such arrangement? Why did it overshot till 73.8%?
@cheng how do you interpret this part by the management?
Currently, Genting integrates Genting Malaysia's finances into the group's balance sheet through a management agreement. However, with the progress of the New York project, and considering the exchange rate of approximately RM4 to 1 US dollar, New York's future performance will soon surpass that of Genting Highlands. "Since we do not have a management agreement for the New York project, once its performance surpasses that of Genting Highlands, Genting Group will no longer be able to integrate Genting Malaysia's financial statements according to guidelines, leading to very drastic changes in the entire balance sheet. Therefore, management must take action."
LKT must get GenM privatise asap, then list the US operations with rwny+rwlv. After listing, debt can be pared down and Genting will not be bothered by the huge debt and finance cost in the future. Genting report card will score A every single quarter by then.
Hopefully Genting can get GenM privatised soon. Once RWNY ramps up in 2027/28, Genting can list their RWLV+RWNY operations in the states. Pare down the debts and we shall see much better quarterly result and credit rating too.
