从纯投资者的角度来看，GENTING（3182）借入9亿令吉，支付每年4300万令吉利息.
然后选择从GENM（4715）不派发任何股息，这是完全不合逻辑的财务决策。

如果GENTING（3182）使用9亿令吉，但从GENM（4715）获得 零收入，这将是一个价值破坏性的决定！
事实上，如果将同样的9亿令吉用于购买马来西亚的主要银行股票，每年即可轻松获得 5500万令吉的股息收入，且没有任何复杂问题。

因此，逻辑结论很简单：
GENTING（3182）, 未来, 必然需要从GENM（4715）获得股息。

原因如下：
GENTING（3182）必须使用这些股息来：

- 偿还9亿令吉贷款,
- 抵消每年4300万令吉利息
- 在GENM仍为上市公司期间，没有其他 合法、清晰的方式 提取现金
- 否则，GENTING（3182）的损益表和资产负债表将面临风险，其股价也会下跌！

GENTING 不能 简单地出售GENM资产、收取额外费用或转移债务，因为这些行为都属于 Bursa/KLSE 关联交易（RPT）规则。
RPT规则要求：

- Bursa / 证监会批准,
- 独立顾问参与,
- 外部评估师,
- 少数股东投票,

这些规则的存在，正是为了防止像GENTING这样的控股股东滥用其子公司GENM。

因此：
股息是GENTING从GENM获取现金的唯一合法、直接的方式。

✔️ GENM必须派发股息
❌ GENM不能代GENTING偿还贷款
❌ GENM不能代GENTING支付债务
❌ GENM不能对GENTING超额支付
❌ GENM不能给予GENTING“特殊待遇”

最终总结
✔️ 拥有75%股权的GENTING 不能 将GENM退市
✔️ GENTING必须达到90%股权才能将GENM私有化

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

This EPF is very funny, it did NOT dispose when Share Price is around 1.70-1.80++ couple of month ago.
But disposed nowadays, costing them making ~5M less in Return on Investment.
Hopefully EPF sell more so, I can Collect them at a much lower price, LoL.