Tuesday 24 August 2010

Genting M’sia pays RM15.7m in share buy-back

Tuesday August 24, 2010

Genting M’sia pays RM15.7m in share buy-back

KUALA LUMPUR: Genting Malaysia Bhd spent RM15.71mil to buy five million of its own shares yesterday and announced that it intends to acquire more within the next 10 months.

The shares represented just below a quarter of the 20.527 million Genting Malaysia shares traded yesterday.

Genting Malaysia closed five sen higher at RM3.14.

In a filing with Bursa Malaysia, the company said it intended to purchase up to a further 362.207 million of its shares (representing 6.13% of the issued and paid-up share capital) within the next 10 months.

Its cumulative net outstanding treasury shares now comprised 228.501 million or 3.87% of its issued and paid-up capital of 5.907 billion shares as at Aug 23.

The share buy-back was part of continuing efforts under its capital management programme, which the company constantly monitored together with its strategies of business expansion (through organic growth or acquisitions) and capital distribution, Genting Malaysia said.

The company said it would continue to pursue share buy-back efforts when opportunities presented themselves, pursuant to the mandate approved by its shareholders on June 9. — Bernama

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