Genting Singapore says planning billion-dollar rights issue
The rest of the money will be set aside for working capital purposes, it said in a statement.
"The rights issue will strengthen the company's financials and put us in a strong position to tap strategic opportunities," said managing director Justin Tan.
Existing Genting Singapore shareholders can subscribe for new shares at 80 cents each, which represents a discount of 32.8 % to the company's closing price of us$ 1.19 Tuesday on the local exchange, it said.
Genting Singapore, which has a market capitalisation of us$ 11.5 billion, is building a casino resort in the city-state's Sentosa island. It said the us$ 6.59-billion Resorts World at Sentosa is scheduled for a soft opening in early 2010.
Resorts World at Sentosa is one of two casino resorts under construction in Singapore. Las Vegas Sands is building the city-state's other casino, called Marina Bay Sands, near the business district.
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