Genting Malaysia unperturbed by weak ringgit

KUALA LUMPUR: Genting Malaysia Bhd believes a weaker ringgit is not expected to have a significant impact on the group's financials, according to its chairman and CEO Tan Sri Lim Kok Thay.
While the decline in the ringgit would increase the amount of US dollar-dominated bank borrowings for its overseas investment, he stressed that it could encourage more inflow of foreign tourists, especially with the completion of the 10-year Genting Integrated Tourism Plan (GITP).
"While it's a concern, we've quite a bit positive moving forward," he told shareholders at Genting Malaysia's AGM.
Lim said the company is always on the lookout for opportunities locally and abroad following its failed bid to develop and operate a gaming facility in New York State, US.
In response to a question raised on the bid by the Minority Shareholder Watchdog Group (MSWG), Genting Malaysia said that some RM98.2 million expenditure incurred for the casino licence application had been written off in 2014.