Poor performance has faced selling pressure, and the Market Cap of the Genting duo has evaporated by over 3.3 billion.
The quarterly performance turned red, and the key figure, Tan Sri Lim Kok Thay, has left the management team. $GENTING (3182.MY)$ Genting and $GENM (4715.MY)$ Genting Malaysia's stock price suffered a double blow today, with the Market Cap of the duo evaporating by more than 3.3 billion Ringgit overnight!
Genting (GENTING) saw a drop of nearly 12%, while Genting Malaysia (GENM) experienced a more severe decline, plunging by as much as 16%.
Due to adverse Forex conditions and the weakening of Leisure and Entertainment business, Genting and Genting Malaysia both turned from profit to loss by the end of the 2024 fiscal year (as of December), with net losses of 0.1 billion Ringgit and 0.4 billion Ringgit respectively.
At the same time, Genting also announced several personnel changes, including Tan Sri Lim Kok Thay stepping down as CEO after nearly 20 years in the position to become Executive Chairman.
Meanwhile, President, COO, and Executive Director Dato' Sri Chen Guanghan will assume the role of CEO, effective from March 1.
Chen Guanghan will also step down from the position of CEO of Genting Plantations. $GENP (2291.MY)$ The CEO position will be taken over by the current Deputy CEO Dato' Indra Lin Konghui, also effective from March 1.
Lin Gonghui is the eldest son of Lin Guotai.
Source: Nanyang Siang Pau
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