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Genting Singapore - Request for trading halt - Right Issues??
Genting Singapore (GENS) has requested a trading halt pending for further announcement. Market speculation is that the company will be announcing a rights issue exercise to raise funds, to pare debt (GENS' total debt stood at S$2.4b as at 30 Jun 09), or even perhaps to beef up its war chest for future business expansion in the region. In the short term, we foresee share price weakness for both GENS and parent company Genting Berhad (GENT) should a rights issue materialize at GENS, although downside could be limited by the excitement over the listing of Wynn's and Las Vegas Sand's planned listing of their Macau casinos, as well as a potential early opening of the Resorts World Singapore.Reuters reports that Casino operator Genting Singapore is planning to raise more than $1 billion through a rights issue, sources familiar with the matter said on Wednesday. "It's a big issue. Over $1 billion," one source with direct knowledge of the deal told Reuters. Genting shares were suspended earlier on Wednesday. Gent
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