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Malaysia's Genting pays $100 mln for MGM stake-paper
June 10, 2009 / 12:41 AM / 8 years ago

Malaysia's Genting pays $100 mln for MGM stake-paper

KUALA LUMPUR, June 10 (Reuters) - Malaysian gaming group Genting (GENT.KL) has paid $100 million for a 3.2 percent stake in U.S. casino operator MGM Mirage (MGM.N), the Financial Times reported on Wednesday.

Genting is “constantly looking to broaden our portfolio of strategic investments and strengthen partnerships around the world,” Justin Leong, head of strategic investments and corporate affairs for Genting, was quoted by the newspaper as saying.

When contacted by Reuters, Leong said the company is not required to disclose the share purchase.

Genting and its unit Resorts World RWBW.KL had earlier subscribed for a combined $100 million worth of notes issued by MGM Mirage last month.

The debt papers were part of MGM’s $1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes.

Analysts had said the investments could pave the way for Genting to acquire a stake in MGM or take over the U.S. casino operator’s investment in MGM Grand Macau.

Reporting by Soo Ai Peng; Editing by Dhara Ranasinghe

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