Genting Group Chairman Lim Kok Thay has increased his stake in Singapore-based subsidiary Genting Singapore, operator of Resorts World Sentosa (RWS), following the grant of share awards under the company’s Performance Share Scheme.
Lim was one of five Genting Singapore directors granted share awards on Tuesday, adding 750,000 shares to take his total direct and deemed interest in the company to 6,368,773,132 shares, or 52.788%.
Genting Singapore’s CEO Tan Hee Teck was also granted 750,000 shares, while directors Jonathan Asherson, Tan Wah Yeow and Carolina Chan Swee Liang were each granted 125,000 shares.
Granting of the award shares comes despite the company reporting a 9% year-on-year decline in revenue to SG$607.2 million (US$438 million) for the three months to 31 December 2019, including a 13% fall in casino revenue at RWS, impacted by the higher entry levy imposed by the government in April 2019.
Shareholders approved the awards scheme at an EGM earlier this month, as well as another award to be granted to Lim should Genting Singapore’s bid to win a Japan IR license prove successful.
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