云顶控股有限公司股价暴跌，跌幅达28年来最大，原因是该休闲集团由马来西亚亿万富翁林冠泰控股，宣布计划通过可放弃权利配股筹集约12.5亿令吉（3.06亿美元）。
Genting Bhd. shares 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 ($306 million) through a renounceable rights issue.
股价一度下跌17%至1.56令吉，为1998年以来最大单日跌幅。
By Bernadette Toh The stock fell as much as 17% to 1.56 ringgit, the biggest decline since 1998.
配股价将以25%至30%的折扣定价，云顶在周五的交易所文件中表示。所得款项将用于偿还借款和补充流动资金。此次融资发生在云顶面临债务增加和盈利能力下降之际。
The issue price will be fixed at a discount ranging between 25% to 30%, Genting said in a bourse filing on Friday. Proceeds raised will be used to repay its borrowings and fund working capital. The fundraising comes as Genting grapples with mounting debt and falling profitability.
该博彩巨头8月份报告第二季度净亏损，截至6月底总借款升至453亿令吉。
The gaming giant in August reported a net loss for the second quarter, while total borrowings rose to 45.3 billion ringgit as of end June.
Maybank Investment Bank分析师Samuel Yin在报告中指出，情景分析显示不仅利息节约和去杠杆效果有限，而且每股收益和每股账面价值将出现显著稀释，他还表示无法排除进一步股权融资或减少股息的可能，因而将股票评级从买入下调至卖出。
“Our scenario analysis reveals not only minimal interest savings and de-gearing but also marked earnings-per-share and book value per share dilution,” Samuel Yin, an analyst at Maybank Investment Bank, wrote in a report. “We also cannot rule out more equity fundraising efforts or fewer dividends,” he said, downgrading the stock to sell from a buy recommendation.
Yin补充称，此举令人担忧，因为它表明云顶可能难以成功将债务再融资为长期债务。
The exercise is concerning as it signals that Genting may have limited success in trying to refinance its borrowings to longer dated-ones, Yin added.
云顶马来西亚子公司股价一度下跌8.1%，为一年多来最大跌幅。
The group’s unit Genting Malaysia Bhd. fell as much as 8.1%, the most in more than a year.
惠誉评级公司9月将云顶评级下调至BBB-，原因是预期去杠杆速度放缓，因需要大量资本支出以扩张关键物业，包括新加坡和纽约的项目。
Fitch Ratings Inc. downgraded Genting to BBB- in September on expectations of a slower pace of deleveraging due to substantial capital expenditure needed to expand key properties, including those in Singapore and New York.
去年，云顶旗下Resorts World获得纽约市经营赌场的牌照，预计将创造数十亿美元收入。
Last year, Genting’s Resorts World won a license to operate a casino in New York City that is expected to generate billions of dollars in revenue.