Shares in Malaysia’s Genting tumble by most in 28 years

Share in Genting plunged by the most in 28 years after the leisure group controlled by Malaysian billionaire Lim Kok Thay announced plans to raise about 1.25 billion ringgit (US$306 million) through a renounceable rights issue. The stock fell as much as 17 per cent to 1.56 ringgit, the biggest decline since 1998. The issue price would be fixed at a discount ranging between 25 and 30 per cent, Genting said in a bourse filing on Friday, adding that proceeds raised would be used to repay its...