Governance is substance over form

Last week, Genting Malaysia Bhd (GENM) announced the proposed acquisition of the remaining 51% stake in Genting Empire Resorts LLC (GERL), which owns the Empire Resorts (ER), from Kien Huat Realty III Limited (KH) for US$41mil.

The purchase consideration also includes the settlement of an inter-company loan owed by ER to KH of US$39.7mil.