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Genting increases stake in Singapore project

1 February 2007

SINGAPORE – As reported by the Edge Daily: "Genting International plc has increased its investment in the joint venture (JV) – Resorts World At Sentosa Pte Ltd (RW Sentosa) – to S$525 million (RM1.19 bilion) from S$117.93 million (RM268.47 million).

"Genting International said on Jan 31 it had subscribed for 407.06 million new S$1 shares in RW Sentosa, the special purpose vehicle awarded the project to develop the integrated resort on Sentosa Island, Singapore.

"It said the acquisition of the 407.06 million new RW Sentosa shares was largely financed from the proceeds raised from the S$425 million in convertible bonds…"

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