Genting Malaysia, Genting Bhd shares rally on likely Miami property exit FMTNews FMTBusiness
Genting Malaysia Bhd and Genting Bhd’s shares have rallied following news of their potential exit from the Miami property market with big gains.
PETALING JAYA: Genting Bhd and Genting Malaysia Bhd’s shares rallied in early trade today following the group’s possible exit from the Miami property market with big gains.Maybank Investment Bank Bhd said Genting Malaysia is likely to exit the Miami property market with a whopping profit after entering it more than a decade ago.
The company could recognise a gain on disposal of about RM2.9 billion, assuming the waterfront is sold for US$1 billion.It was reported that Genting Malaysia’s property in Miami, Florida has attracted five offers, with the highest bid being just under US$1.5 billion.“Recall that Genting Malaysia had invested US$500 million throughout May and September 2011 to acquire the aforesaid property. Note that the ringgit was trading at only RM3.00:US$1 then versus RM4.43:US$1 currently,” it noted.
Maybank Investment said it was maintaining earnings estimates, a buy call, and a RM2.97 target price on Genting Malaysia pending the finalisation of the property sale.
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