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Genting Group’s Malaysia-listed firms outsource share registrar function for first time on record

KUALA LUMPUR (Sept 5): Genting Group’s listed companies in Malaysia have outsourced their share registrar function for the first time on record with the appointment of Tricor Investor & Issuing House Services Sdn Bhd as the casino and hotel operator’s new registrar, to take over the role from Genting Management and Consultancy Services Sdn Bhd.

Genting Group’s listed companies on Bursa Malaysia comprise Genting Bhd, Genting Malaysia Bhd (GenM) and Genting Plantations Bhd.

In statements to Bursa Malaysia on Wednesday (Sept 1), Genting Bhd, GenM and  Genting Plantations said Tricor’s appointment as the companies’ new registrar was effective Wednesday, Sept 1.

Genting Bhd, GenM and Genting Plantations did not specify reasons behind the move to outsource the share registrar function to Tricor.

Based on Genting Bhd, GenM and Genting Plantations’ annual reports filed with Bursa so far, the appointment of Tricor signifies the first time Genting Bhd, GenM and Genting Plantations have outsourced the function to an external entity.

According to Genting Bhd’s website, the Genting Group comprises Genting Bhd, GenM, Genting Plantations and Genting Singapore Ltd, as well as the group's principal unlisted subsidiaries Genting Energy Ltd  and Resorts World Las Vegas LLC.

Genting Singapore is listed on the Singapore Exchange.

In corporate terminology, a registrar’s role is to maintain the record of a listed company’s shareholders and bondholders to facilitate corporate exercises such as dividend payments to shareholders.

According to Genting Bhd’s website, Genting Bhd owns a 49.5% stake in GenM, 55.4% stake in Genting Plantations and 52.7% stake in Genting Singapore.

At Bursa on Friday (Sept 3), Genting Bhd’s share price closed up two sen or 0.4% at RM5.02, for a market value of about RM19.33 billion based on the company’s 3.85 billion issued shares.

GenM ended up three sen or 1.01% at RM3, while Genting Plantations fell 12 sen or 1.57% to RM7.53.

https://www.theedgemarkets.com/article/genting-groups-malaysialisted-firms-outsource-share-registrar-function-first-time-record

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