Genting Berhad has intensified its financing activities as it works to increase its ownership of Genting Malaysia Berhad, unveiling a major notes program and issuing additional debt through two subsidiaries. Recent filings detail the parent company’s ongoing effort to build liquidity after its takeover offer for Genting Malaysia closed just short of the level required for privatization.

According to filings submitted on December 5, Genting Berhad has set up a MYR5 billion (US$1.22 billion) unrated Medium Term Notes Program via its wholly owned subsidiary Genting Vista Berhad. The program, lodged with the Securities Commission Malaysia, allows for issuances with terms of at least one year at either fixed or floating coupon rates. Genting Berhad will guarantee the notes.

The company also issued MYR1.35 billion (US$328 million) in medium-term notes through Genting RMTN Berhad under its established MYR10 billion (US$2.40 billion) framework. The one-year issuance was priced at par and carries interest at “1-month KLIBOR plus 1.8 percent,” according to the filing. These transactions add to three earlier rounds completed within the past month, bringing Genting Berhad’s total recent issuances to MYR3 billion (US$729 million).

Both filings state that part of the proceeds will help fund Genting Berhad’s plan to acquire the “all remaining ordinary shares in Genting Malaysia Berhad which are not already held by the company pursuant to the takeover offer.” The mandatory offer ended on December 1 with Genting Berhad holding 73.13 percent of the subsidiary—below the 75 percent threshold required for privatization—prompting the company to resume on-market share purchases.

Allocation of Proceeds Across Corporate Needs

Beyond the takeover-related funding, Genting Berhad said the MYR5 billion program will support a range of group-wide requirements, including operating costs, working capital, capital expenditures, investment activities, and the refinancing or early redemption of existing borrowings. The first issuance under this newly established program is expected to refinance medium-term notes that Genting RMTN had issued to help fund earlier Genting Malaysia share acquisitions.

The MYR1.35 billion raised under the separate issuance will contribute to the same combination of corporate and funding needs. Genting Berhad emphasized in its disclosures that the financing tools provide flexibility while it continues its planned consolidation of Genting Malaysia.

Market Outlook Boosted by New York Licensing Progress

Investor attention around Genting Malaysia has strengthened following developments in the United States. The company was recently named by New York’s Gaming Facility Location Board as one of three operators recommended for a full commercial casino license in downstate New York. Such approval would authorize an expansion of its Resorts World New York City property, offering potential growth opportunities at a time when Genting Berhad aims to increase its control of the business.

The recommendation has been noted in both filings related to the funding efforts, underscoring how Genting Malaysia’s prospects factor into the parent company’s strategic consolidation. As Genting Berhad continues issuing notes and advancing its acquisition plans, the company appears focused on securing the financial capacity needed to lift its stake above the privatization threshold.