Genting Bhd’s majority shareholder, the Lim family, has increased its stake in the gaming to plantations company, buying a further 300,000 shares, according to a filing with Bursa Malaysia.
The shares were bought through the family’s investment company Kien Huat International and takes the total owned to 1,478,059,860, or about 38.4 percent of the company. Tan Sri Lim Kok Thay is Genting’s chairman.
“It’s not every day that the Lim family buys shares in GENT,” Maybank said in a note. “I guess the family is trying to signal to the market that GENT shares are cheap, which we concur.”
Shares in the company and its local unit, Genting Malaysia, have been sold off heavily in recent months after the government announced punitive new tax measures in this year’s budget and a planned deal for a Twentieth Century Fox-branded theme park fell through.