20 May '11, 5am

Genting S’pore stake buy puzzles investors: Petaling Jaya (The Star/ANN) - Genting Singapore plc's surprise US$6...

Petaling Jaya (The Star/ANN) - Genting Singapore plc's surprise US$60mil purchase of a company with a portfolio of interests in natural resource operations failed to spark any reaction from investors. Genting Singapore, a 51.7% subsidiary of Genting Bhd, said on Tuesday that it had entered into an agreement for the acquisition of a 69% stake in Goldnature Investments Ltd, a firm incorporated in the British Virgin Islands. Goldnature has a 51% interest in Montbella Ltd which has interests in natural resource ventures. According to a Genting Singapore statement, Goldnature has a net asset value of US$16mil. Analysts covering the Genting group were generally puzzled by the acquisition, saying that it was not in line with the group's core business of gaming. “Then again, Genting wouldn't pay for something that doesn't make sense. But it's not good to keep the market guessing,"...

Full article: http://sg.news.yahoo.com/genting-pore-stake-buy-puzzles-i...

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