Genting shares up on CEO’s pay cut announcement

The logo of Genting Malaysia Berhad is seen at Genting Highlands at the state of Pahang outside Kuala Lumpur December 17, 2013. — Reuters pic
The logo of Genting Malaysia Berhad is seen at Genting Highlands at the state of Pahang outside Kuala Lumpur December 17, 2013. — Reuters pic

KUALA LUMPUR, June 20 — Shares of Genting Malaysia Bhd and Genting Bhd were higher following news that chief executive officer (CEO) Tan Sri Lim Kok Thay is taking a 20 per cent pay cut.

The group, which is facing higher gaming taxes, was reported to be working on various initiatives to reduce costs.

“With the effect of heavy gaming taxes which have weighed on the group’s financial performance following a weaker set of results last year, Lim’s intended pay cut is expected to help reduce costs,” Malacca Securities Sdn Bhd said in a note.

It is noted that he is the highest paid CEO, according to the 2019 Corporate Governance Monitor issued by the Securities Commission.

Lim received a remuneration of RM80.6 million from Genting Malaysia and RM168.0 million from Genting Bhd respectively.

At 4pm, shares of Genting Malaysia rose four sen to RM3.38 with 8.01 million shares transacted and Genting was 21 sen higher at RM6.90 with 2.87 million shares transacted. — BERNAMA

Related Articles