Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award

Mar 02, 2021 Newsdesk Latest News, Singapore, Top of the deck  

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Genting Singapore Ltd, the promoter of Singapore’s Resorts World Sentosa casino complex, granted on Monday a total of SGD1.7-million (US$1.3-million) worth of performance-based shares to directors of the firm, including Lim Kok Thay (pictured), its executive chairman and current head of the Genting group’s founding dynasty.

According to a Monday filing to the Singapore Exchange, Genting Singapore disbursed a total of 7,765,000 award shares, priced at SGD0.85 per unit – the closing price on Monday – under what the firm called its “performance share scheme”.

In early February, Genting Singapore posted a SGD69.2-million net profit for full-year 2020, down 89.9 percent from the previous year, amid the disruption to tourism and leisure wrought by the Covid-19 pandemic.

An aggregate of 2 million award shares – worth in total SGD1.7 million – was granted to the firm’s directors, including Mr Lim, and its chief operating officer Tan Hee Teck.

Mr Lim and Mr Tan each got 750,000 award shares under the scheme.

The balance of 5,765,000 award shares went to the Genting Singapore “selected employees”, the firm said in its filing.

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