Genting exercises option to buy 10.75m shares in Linc Energy

SINGAPORE - Oil and gas producer Linc Energy said on Thursday that Genting Strategic Investments (Singapore) has exercised its option to buy an additional stake in the company.

Genting Strategic will acquire 10.75 million shares in Singapore-listed Linc Energy at $1.20 per share, Linc said.

It will issue the new shares to Genting Strategic, a wholly-owned subsidiary of Genting Berhad - and apply for them to be listed.

The call option was agreed on by Linc and Genting Strategic on December 11 last year.

Genting has been raising its stake in Linc since the energy company was listed in December last year.

It took an initial stake of 47.85 million shares and in February, Genting Strategic bought 5.7 million shares at $1.33 each, taking its direct holdings to 13.01 per cent, according to reports.