Markets
US fund pares Genting stake
F Saad | 10 Nov 2017 00:30
US-based OppenheimerFunds Inc has ceased to be a major shareholder in Genting
US-based investment fund OppenheimerFunds Inc has ceased to be a major shareholder in Genting Bhd after it disposed of 8.39 million shares in the open market, two separate exchange filings with Bursa Malaysia on Nov 9 reveal.

Following the divestment, the fund now holds a 4.97% stake in the conglomerate whose chief businesses are centred on leisure, resort, gaming (casino) and plantation, among others.

Since Nov 6, Genting has seen its share price spike 5.41% to close at RM9.48 on Nov 9 following confirmation that its chairman and CEO Tan Sri Lim Kok Thay had taken control of the family’s shares in the company through direct and indirect stakes totalling 44.38%.

Kien Huat Realty, controlled by the Lim family, is currently the largest shareholder in Genting with a 38.63% stake.