Genting M’sia injects RM174mil into Empire

Genting highlands

PETALING JAYA: Genting Malaysia Bhd is injecting US$40mil (RM174mil) into US-based casino operator Empire Resorts. Inc by subscribing the latter’s preferred stock.

In a filing with Bursa Malaysia yesterday, Genting Malaysia said that it has entered into a subscription agreement to subscribe for up to RM175mil of Series G Preferred Stock of Empire (equity injection).

“The proceeds from the equity injection will be utilised by Empire for the purposes of a refinancing plan and working capital, ” it said.

Preferred stock gives no voting rights to shareholders while common stock does.