Wednesday, November 7, 2018

GENM Genting Malaysia is assessing the implication............................

OTHERS Genting Malaysia Berhad ("GENM") Budget 2019 : Clarification of casino duties and casino licence fee on GENM's casino operations

GENTING MALAYSIA BERHAD

TypeAnnouncement
SubjectOTHERS
Description
Genting Malaysia Berhad ("GENM")
Budget 2019 : Clarification of casino duties and casino licence fee on GENM's casino operations
Pursuant to the release of the Malaysian Budget 2019, the Board of Directors of GENM wishes to inform that it has been advised by the Ministry of Finance today that the casino licence fee will be revised from RM120 million to RM150 million per annum and the casino duties will be revised up to 35%. The increase in casino duties represents a 10 percentage point increase over existing duty rates. The amendments will take effect from 1 January 2019.

GENM is assessing the full implications of the additional taxes and will take the appropriate next course of action which includes a review of its marketing expenditure and cost structure to mitigate the impact of the tax increases.

This announcement is dated 7 November 2018.






Announcement Info

Company NameGENTING MALAYSIA BERHAD
Stock NameGENM
Date Announced07 Nov 2018
CategoryGeneral Announcement for PLC
Reference NumberGA1-02112018-00097