From a pure investor’s point of view, GENTING (3182) borrowing RM900 million, paying RM43 million yearly interest (https://www.klsescreener.com/v2/news/view/1617923/GENTING_taps_bond_market_for_RM900m_to_finance_GENTING_Malaysia_acquisition),
and then choosing to declare ZERO dividends from GENM (4715) makes NO financial sense at all.

If GENTING (3182) uses RM900 million but receives RM0 income from GENM (4715), it becomes a Value-Destroying decision !!!
In fact, using that same RM900 million to buy a Malaysia Anchor Bank Shares would easily generate RM55 million in annual dividends, with no complications.

So the logical conclusion is simple:
GENTING (3182) WILL need GENM (4715) dividends in the future.

Because GENTING (3182) must use those dividends to:
- Pay down the RM900 million loan,
- Offset the RM43 million yearly interest,
- GENTING has NO other CLEAN method to take cash from GENM while it remains listed.
- Else GENTING (3182) P&L and Balance Sheet will end up in trouble, and its Share price will Fall/Decline !!!

They CANNOT simply SELL GENM assets, Charge Extra Fees, or Transfer Debts, because all of these fall under Bursa/KLSE Related Party Transaction (RPT) Rules.
RPT rules require:

- Bursa / SC approvals,
- Independent advisers
- External valuers
- Minority shareholder voting
These rules exist specifically to stop majority owners like GENTING from abusing subsidiaries like GENM.

Therefore:
Dividends are the ONLY legal and straightforward way for GENTING to receive cash from GENM.

✔️ GENM must declare Dividends.
❌ GENM cannot take GENTING’s loan
❌ GENM cannot pay GENTING’s debt
❌ GENM cannot overpay GENTING
❌ GENM cannot give GENTING “special treatment”

Final Summary
✔️ GENTING cannot delist GENM with only 75%
✔️ GENTING must reach 90% ownership to privatize GENM