In filings with Bursa Malaysia on Monday, Genting said on review of Sections 8(2) and 8(4) of the Companies Act 2016 and based on a legal opinion, Lim has “reasonable grounds” for believing that he has deemed interest in Genting Bhd shares and warrants owned by Kien Huat Realty Sdn Bhd, Inverway Sdn Bhd and Golden Hope Ltd.
Accordingly, in addition to his direct equity stake of 1.78%, the 65-year-old also has deemed equity interest of 42.62%, or 1.63 billion shares, in Genting.
Lim, who holds directly 17.03 million warrants, is also now said to have deemed interest in 407.6 million warrants.
The announcement followed a recent report inferring that Lim may not be a substantial shareholder of the diversified group, whose businesses range from gaming to plantation.
The report stated that Lim was not listed as a substantial shareholder in the company’s 2016 annual report.
Kien Huat Realty Sdn Bhd is the major shareholder of Genting with 39.44% direct equity interest, while Parkview Management Sdn Bhd, as trustee, holds 39.68%.
Genting remarked that Parkview Management, as trustee of a discretionary trust, owns 100% of the voting shares of Kien Huat International Ltd, which in turn owns 100% of the voting shares of Kien Huat Realty.
Inverway, meanwhile, is a wholly-owned subsidiary of Kien Huat Realty.
“As such, PMSB (Parkview Management) as trustee of the discretionary trust is deemed interested in the Genting Bhd shares held by KHR (Kien Huat Realty) and Inverway by virtue of its controlling interest in KHR and Inverway,” Genting said, adding that Lim is a beneficiary of the discretionary trust.
Genting said Golden Hope Ltd, as trustee of the Golden Hope Unit Trust, is a private unit trust whose voting units are ultimately owned by First Names Trust Co (Isle of Man) Ltd as trustee of a discretionary trust.
Lim is also a beneficiary of such discretionary trust, it added.
The latest review also extends to the deemed interest of Lim’s son Lim Keong Hui, who is Genting Bhd executive director (chairman’s office) and chief information officer.
While his deemed interest in Genting is exactly the same as his father’s, the 32-year-old does not hold direct shares or warrants in Genting.