United Kingdom’s decision to leave the European Union has far-reaching ramifications. Literally.
Genting Malaysia Bhd, one of the handful of Asian companies with the most UK exposure, saw its shares drop by 4.4 percent since the June 23 referendum as investors find the company’s foray into the European country’s gaming market too much of a gamble.
Genting Malaysia, which operates 43 casinos in the UK, is among the 10 Asia-Pacific companies “most at risk to Britain’s economic slowdown,” according to Bloomberg data.
Analysts at Nomura Holdings Inc. forecast a drop of 1 percent in earnings per share for Genting Malaysia “for every 10 percent slide in the pound-ringgit rate” this year.