The president’s son became the vice president of Genting Malaysia

Lim Kyung-hwi has been appointed vice president of casino and hospitality group Genting Bhd and its home country subsidiary Genting Malaysia Bhd. In a twin presentation to the Kuala Lumpur Stock Exchange, known as Bursa Malaysia, the two companies said Lim was previously the executive director of Genting and Genting Malaysia, both serving as chief information officer and holding shares in both organizations.

The announcement was announced on Monday and said the 34-year-old Malaysian would take up his new post on Wednesday.

Lim’s father is Lim Kok Thay, chairman and chief executive officer of Genting and Genting Malaysia and the majority shareholder of both companies.

In a further announcement to the stock exchange on Monday, Genting Malaysia said it had appointed Alwi bin Zantan as vice chairman to replace Mohammed Hanif bin Omar, who is retiring at the age of 79.

The new vice chairman, an 83-year-old Malaysian, was previously a non-executive director of Genting Malaysia and a shareholder in the company. Genting Malaysia said on Wednesday he was due to take up his post.

The change in management comes at a critical time for Genting Malaysia, one of Asia’s leading gaming organizations. The company operates Resorts World Genting, the only casino resort in the Southeast Asian country. It also operates casinos in the United States, the Bahamas, and the United Kingdom.

In November, the Malaysian government announced it would impose a 10 percentage point tax increase on the total gaming revenue earned from large markets and VIP play at properties outside Kuala Lumpur. Analysts suggested the impact on the company’s profits may not be apparent.

The company is also in a legal battle with Fox Entertainment Group LLC and some of its affiliates for more than $1 billion, as well as Walt Disney Co. Genting Malaysia is suing its former partners for withdrawing contracts arising from plans to build a theme park that includes the 21st Century Fox brand.

Lim Kok Thai, the company’s chairman and chief executive, told Singapore’s Business Times newspaper that the theme park will be “ready” early next year – indirectly citing the entrepreneur – as the newspaper said.

In its December announcement, the company posted a third-quarter loss, compared with a profit a year ago. Its loss was 1.49 billion yuan ($357.5 million), compared with a profit of nearly 193.8 million in the third quarter of 2017

BY: 파친코

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