Maximum allocation for share buyback proposal does not exceed 4% of Genting shares

PETALING JAYA: Genting Bhd is seeking shareholder approval for the renewal of the authority for its proposed share buyback under a plan to purchase its own shares of an amount, which, when aggregated with existing treasury shares, does not exceed 4% of its prevailing total number of issued shares.

“The proposed share buyback renewal, if implemented, will provide the group with an additional option to utilise its financial resources more efficiently by purchasing Genting shares from the open market to help stabilise the supply and demand of Genting shares traded on the Main Market of Bursa Securities and thereby support its fundamental value,” the casino and hospitality conglomerate said in a shareholder circular filed with Bursa Malaysia yesterday.