Genting Singapore filed an announcement to SGX on June 11 stating that it has submitted a bid in response to the Yokohama City request for proposal (RFP) for an integrated resort (IR) project.
Genting Singapore is leading a consortium comprising Sega Sammy Holdings, Sohgo Security Services Co, Kajima Corporation, Takenaka Corporation and Obayashi Corporation.
“Our vision is to create a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations,” Genting Singapore says.
Genting Singapore states that based on its proportionate shareholding interest in the IR project, the company’s investment amount will be less than 100% of the market capitalisation of the company, which stands at some $10.6 billion as of June 11.
It also highlighted that the Yokohama bid submission would not be subject to approval of shareholders, on the grounds that the development and operations of an IR is within the ordinary course of business of the Company.
“The Yokohama IR Bid is subject to, among other things, the selection of the consortium as the IR Operator and the designation of Yokohama City as an area where an IR may be established,” says Genting Singapore.
“There is no assurance that the Company will be selected by Yokohama City as the IR Operator or that Yokohama City will be approved and designated as a Specified Complex Tourist Facilities Area by the Japan Minister of Land, Infrastructure, Transport and Tourism where an IR may be established,” the company adds.
Shares in Genting Singapore closed flat at 87.5 cents on June 11.
Photo: Genting Singapore
