GenM to take up stake in Empire Resorts

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$100mil (RM438.5mil).

Empire is a Delaware corporation incorporated on March 19, 1993 with various subsidiaries engaged in hospitality and gaming.

In a filing with Bursa Malaysia, GenM said, with the proposed Series F acquisition, it would have invested a total of up to US$624.4mil (RM2.74bil) 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. — Bernama

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