Singapore: LawFuel – Legal Newswire Service – Clifford Chance has advised Malaysia’s Lim Family on the sale of its stake in gaming and leisure operator Genting Singapore PLC, a transaction which raised some US$425 million.
Genting Singapore, a Singapore listed subsidiary of the Genting Berhad group, operates and develops gaming and integrated leisure resorts in Asia, and is currently developing Singapore’s first gaming integrated resort on Sentosa Island.
The block, previously held by discretionary trusts, was sold in a book-built institutional private placement on 27 May, with settlement due to occur on 1 June. The Lim Family will retain an interest in Genting Singapore through its parent company, Genting Bhd.
“The success of the placement reflects Genting Singapore’s recent strong market price and performance during a troubled period for gaming and leisure operators worldwide,” said partner Lee Taylor, who led the Clifford Chance team advising the Lim Family.
“The offer was structured and placed in an extremely short timeframe in order to take advantage of market conditions. It will also streamline the Family’s holdings, channelling them through the parent company, Genting Berhad.”
Lee was assisted on the transaction by senior associates Deborah Ong and Lian Mae Ai. All are based in the firm’s Singapore office.