Genting Malaysia's unit to buy entire Series F stock of Empire for US$100mil
- Corporate News
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Monday, 05 Dec 2022
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KUALA LUMPUR: Genting Malaysia Bhd
's (GenM) indirect wholly-owned subsidiary, Genting ER II LLC (GER II) has entered into a share purchase agreement with Kien Huat Realty III Ltd (KH) to purchase the entire 1,510 Series F convertible preferred stock of Empire Resorts Inc (Series F) for US$100 million (RM438.5 million).
Empire is a Delaware corporation incorporated on March 19, 1993 with various subsidiaries engaged in hospitality and gaming.
In a filing to Bursa Malaysia, GenM said, with the proposed Series F acquisition, it would have invested a total of up to US$624.4 million in Empire.
GER II, a corporation incorporated in Delaware, is currently stockholder of Empire owning 400 Empire’s Series G preferred stock and 3,200 Empire’s Series L preferred stock.
"Assuming full conversion of the Series F acquired from KH into common stock, Series G and Series L, GenM’s effective shareholding in Empire will be approximately 76.3 per cent in financial year 2030.
"With improving profitability and a brighter outlook, the proposed Series F acquisition sets the stage for GenM to further capitalise on the growth prospects of Empire and reinforce its position in the New York state gaming market," it said. – Bernama
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