Tag Archives: General

Singapore’s 40 Richest

Posted on 10 Sep 2009 | Comments Off on Singapore’s 40 Richest
Taking the top three spots are Ng Teng Fong (far left), the late Khoo Teck Puat (middle) and Kuok Khoon Hong (right). — PHOTO: BT, RAYMOND NG, MICHAEL GOH

SINGAPORE’S top 40 wealthiest people are now worth a combined US$39 billion (S$56 billion), up 22 per cent from US$32 billion a year ago, according to the 2009 Forbes Asia Singapore Rich List.

Forbes, which released the list on Thursday, said the increased wealth was partly due to the almost 90 per cent jump in the Singapore’s stock market since its March low.

This year, 19 tycoons on the list were richer, including six of the top 10,while 13 saw their net worths fell, it said.

Taking the Number One spot is 81-year-old real estate mogul Ng Teng Fong with a net worth of US$8 billion, up from US$7 billion last year. Continue reading →

Comments Off on Singapore’s 40 Richest

Posted in General

Tagged ,

Genting Singapore in $1.6b cash call

Posted on 10 Sep 2009 | Comments Off on Genting Singapore in $1.6b cash call

CASINO developer-operator Genting Singapore is turning to its shareholders to raise $1.63 billion in the second biggest rights issue here so far this year. Unveiling the major cash call yesterday, Genting said its $6.59 billion Resorts World at Sentosa (RWS) is ‘on track, both in terms of project costs and timing, for a soft opening in early 2010′.

The proceeds ‘will strengthen the company’s financials and put us in a strong position to tap strategic opportunities’, said Genting Singapore’s managing director Justin Tan.

However, analysts suggest the funds will also come in handy after earlier cost overruns at the RWS, one of Singapore’s two integrated resorts.  The company is offering shareholders one rights share for every five existing shares held at cost of 80 cents apiece. The offer price represents a 32.8 per cent discount to Tuesday’s closing price of $1.19 when it was last traded – a record high. The stock has rallied 70 per cent since the start of July.

This is the second time Genting has sought funds from shareholders in the past two years or so, after it raised about $2 billion in a rights issue in August 2007. Genting Singapore is a unit of Malaysian gaming giant Genting Berhad, which owns 54 per cent of Genting Singapore and has pledged to subscribe to one billion rights shares. Continue reading →

Comments Off on Genting Singapore in $1.6b cash call

Posted in Construction, Sentosa Property

Tagged , , ,