From Bloomberg – Lim Kok Thay, the billionaire chairman and chief executive officer of Genting Bhd. (GENT), comments on his plan to boost its stake in Echo Entertainment Group Ltd. (EGP) He spoke in an interview in Kuala Lumpur today.
Lim is Malaysia’s third-richest man with an estimated net worth of $7.5 billion, according to the Bloomberg Billionaires Index.
On the Echo Entertainment investment:
“Australia, we bought a stake in there at a time when Mr. James Packer invested first. And now of course Mr. Packer has sold his stake in Echo. We have done nothing since our initial stage, because we have to go through the regulatory process.
‘‘Echo’s stake actually covers two regulators, the state of New South Wales and Queensland. They may not take doubly as long, because the two states have agreed that they will cooperate to process our application, to allow us to go beyond the 10 percent stake.’’
The application ‘‘has been in for a while. So we are just patiently waiting. It’s a two-way process: they would ask for more information and we would have to compile the information and we would feed them with it and they would ask more questions. My guess is it will go on for a while.’’
