Unless otherwise stated, the exchange rate of USD1.00: RM4.6510, being Bank Negara Malaysia’s middle rate as at 5.00 p.m. on 8 January 2024, is used throughout this announcement for purpose of translation of USD into RM.

The Board of Directors of GENM (“Board”) refers to GENM’s announcements dated 6 August 2019, 15 August 2019, 20 August 2019, 5 November 2019, 14 November 2019 and 18 November 2019 (collectively, “Announcements”) in respect of the Proposed Transactions. On 19 March 2020, GENM had announced the issuance of up to USD40 million of Series G Preferred Stock of Empire (“Series G”), and on 11 September 2020, 19 March 2021 and 12 October 2021, GENM had announced the issuance of up to USD150 million, USD20 million and USD150 million of Series L Preferred Stock of Empire (“Series L”) respectively (collectively, “Equity Injection Announcements”). On 5 December 2022, GENM announced its acquisition of Empire’s entire 1,510 Series F Convertible Preferred Stock from Kien Huat Realty III Limited (“KH”) for a total consideration of USD100 million (“Series F Acquisition Announcement”). The definitions used throughout this announcement, unless stated otherwise, shall have the same meaning(s) as those used in the Announcements, Equity Injection Announcements and the Series F Acquisition Announcement.

The Board wishes to announce that GENM’s indirect wholly-owned subsidiary, Genting ER II LLC (“GER II”), a Delaware company, had on 10 January 2024 (United States Eastern date/time) entered into a Subscription Agreement to subscribe for up to USD100 million (or approximately RM465 million) of Series M Preferred Stock of Empire (“Series M”). The proceeds from the Series M subscription will be utilised by Empire for working capital purposes and to fully repay an existing bank facility of approximately USD58 million held by its holding company, Genting Empire Resorts LLC (“GERL” or referred to in previous announcements as JVCo) (“Proposed Equity Injection”).

For further details, please refer to the attachment.

This announcement is dated 10 January 2024.