Genting to open Sentosa Resort by early January 2010

Genting Berhad is on track to open the ‘Resorts World at Sentosa’ in Singapore by early January 2010, said its chairman and chief executive Lim Kok Thay.

Bernama news agency quoted Mr Lim as saying the project, which cost S$6.6 billion, would attract 12 to 13 million visitors in the first full year of operation.

“Construction is going on smoothly. We are targeting to open it by early January 2010,” he told reporters after the signing ceremony of its RM1.6 billion medium-term notes programme (MTN) with CIMB Investment Bank Bhd and HSBC Bank Malaysia Bhd on Thursday.

Genting’s subsidiary, GB Services Bhd, has priced its inaugural issuance of RM1.45 billion nominal amount of 10-year MTN pursuant to its RM1.6 billion MTN programme.

The MTN programme is guaranteed by Genting and has been assigned ‘AAA’ rating by RAM Ratings Services Bhd.

Lim said the proceeds from the MTN issuance would be used by Genting and subsidiaries for investment, refinancing, working capital requirements and other general corporate purposes.

“We will continue to grow our existing businesses and explore opportunities to expand globally,” he said.

On the disposal of its non-core asset like power as well as oil and gas divisions, he said: “We are speaking to interested parties but we are not close to any deal.”

Source : Channel NewsAsia – 6 Nov 2009

Join The Discussion

Compare listings