Genting Singapore has officially been granted approval to pursue its Japan IR ambitions after shareholders voted unanimously in favor of the move at an Extraordinary General Meeting on Tuesday.
Seeking permission to develop an integrated resort in Japan “on such terms and conditions as the Directors deem fit” and to allow the Directors authorization to “do all such things and execute all documents as they may consider necessary or expedient to give effect to the Proposed Bid and the Company’s investment in the Japan IR project,” Genting Singapore received an overwhelmingly positive response with 99.94% of votes in the affirmative and just 0.06% against.
The company had earlier this month outlined details of its IR ambitions, including a maximum development budget of US$10 billion. Genting Singapore stated at the time it was “cognisant that, for the purposes of good corporate governance, such approval of shareholders should not be for an ‘un-capped’ amount.
“Hence, the Company is seeking the approval of Shareholders to submit a Proposed Bid with respect to any one prefecture or city with an investment amount not exceeding US$10 billion (approximately SG$13.6 billion).”
Also gaining approval but with somewhat less enthusiasm were incentive award schemes for the company’s non-executive directors and another to be granted to Chairman Lim Kok Thay “for his contributions and involvement in the Proposed Bid by way of awards of Shares,” dependent upon the Japan IR bid proving successful. Both resolutions were passed with just under 85% of votes in favor.