Genting Malaysia faces down stockholder revolt

Reuters - Wednesday, August 25Send IM Story Print


KUALA LUMPUR, Aug 24 - Genting Malaysia shareholders backed the company's move to acquire the UK casino operations of Genting Singapore in a 340 million pound deal despite a large number of votes against.

Shareholder revolts in Malaysia are rare and 38 percent of the stockholders voting disapproved of the move in the resolution put to Tuesday's extraordinary meeting.

"People wanted assurances over the next three years to come over Genting UK's profitability," said Genting's deputy chairman Mohammed Hanif Omar.

Genting Malaysia stock was down 2.23 percent at 3.07 ringgit at 0914GMT, underperforming a 0.l9 percent rise in the main Kuala Lumpur stock index <.KLSE>.

(Reporting by Fong Min Hun; Writing by David Chance; Editing by Niluksi Koswanage)