(July 17): Genting Singapore Ltd, one of the city-state’s two casino operators, said it was informed that controlling shareholder Genting Bhd received an unsolicited approach for its holding in the company, and which has not been pursued.
Genting Singapore walks back on 2020 decision to increase share award limit for Chairman KT Lim
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Genting Singapore says it has decided to disregard a resolution passed at an Extraordinary General Meeting early last year following recent fallout over the amount of remuneration paid to Chairman Lim Kok Thay in 2020.
The decision was revealed on Thursday following the conclusion of its latest Annual General Meeting, with Genting Singapore pointing to Resolution 3 of last year’s EGM, held on 4 February 2020. The Resolution had been to “increase the limit of the size of the PSS Share Awards to the Chairman.”
Genting Singapore revealed in its 2020 Annual Report late last month that Lim’s total remuneration for the year had almost doubled to between SG$21.25 million and SG$21.50 million (US$15.8 million and US$16.0 million), despite the company seeing its net profit fall 90% year-on-year to SG$69.2 million (US$51.4 million) due to the COVID-19 pandemic.
KUALA LUMPUR (Jan 10): Few may pay much attention to Genting Bhd s life-sciences division. However, the biotech unit could be reaping its fruits via listing, after it merges with NASDAQ-listed GX Acquisition Corp to form a special purpose acquisition company (SPAC) in an attempt to create a publicly-listed leader in allogeneic cellular therapy.
This would also represent the first major monetisation in Genting’s life-sciences division.
On Friday, Celularity signed a definitive merger agreement with GX Acquisition Corp, of which the companies are planning to take it public by the second quarter of 2021, subject to approval of both Celularity and GX’s shareholders.