Genting Berhad: The Story of a Malaysian Conglomerate|Business Strategy|Case Study|Case Studies

Genting Berhad: The Story of a Malaysian Conglomerate

            
 
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Case Details:

Case Code : BSTR108
Case Length : 22 Pages
Period : 1964 – 2004
Organization : Genting Berhad
Pub Date : 2004
Teaching Note :Not Available
Countries : Malaysia
Industry : Diversified

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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"The name Genting today represents far more than just one winning concept and one celebrated destination. It represents a synergy of corporate dynamism, drawing from the vast resources within the Group comprising more than 14,000 employees, 11,000 acres of prime resort land, 40,000 acres of choice plantation land throughout Malaysia and providing sustainable growth since its inception 38 years ago."

- A quote from www.genting.com.my, 2004.

"Genting is a story of success that is quite unprecedented." 1

- Mahathir Mohamad, Prime Minister, Malaysia.

Genting Facing Difficult Times

In 2002, Genting Berhad (Genting), Malaysia's leading conglomerate company, was ranked No.1 in the 'Review 200 Asia's Leading Companies,'2 conducted by the Far Eastern Economic Review (FEER).3

This feat was nothing new for Genting - it had continuously topped this ranking for nearly a decade (since 1994), making it one of the most admired companies in Malaysia. Famous for the holiday resorts, hotels and entertainment centers it operated in the country, Genting was popularly referred to as the 'City of Entertainment.' It was the first company to officially operate a casino (Casino De Genting) in Malaysia at its resorts. Malaysia is one of the very popular tourist destinations in the ASEAN region, and within Malaysia, Genting is where most tourists head. The company also has a strong presence in other businesses like power generation, paper manufacturing, oil and gas exploration, property development, information technology (IT) and e-commerce and plantations (Refer Exhibit I for Genting's corporate structure).

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Over the years, the company has received various awards and recognition in several areas like financial soundness, good investor relations and service industry excellence.

It has been named the best-managed Malaysian company on several occasions due to its strategic planning and strong financials (Refer Exhibit II for Genting's ten-year financial summary and Exhibit III for various awards and recognition received since 1996). Thus, when the company slipped to the fourth position in FEER's 2003 rankings (Refer Table I), the Malaysian as well as the global corporate world was a little surprised. The main reasons for the drop in the company's ranking were the economic slowdown in the Southeast Asian region and the outbreak of the SARS 4 epidemic. These factors had resulted in a decline in tourist arrivals in the country in 2003, affecting Malaysia's tourism industry badly. Genting, whose main business activity was providing leisure and hospitality services to tourists, was also severely affected by these developments.

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1] The prime minister made the remark on August 11, 1990 at Genting's 25th anniversary dinner.

2] Established in 1993, The Review 200 is an annual readership survey of Asia's leading companies on overall corporate leadership. It ranks them on parameters like best management strategy, quality of products/services, financial soundness, innovative in responding to customer needs and company others try to emulate. The FEER conducts this survey in 12 countries: Australia, China, Hong Kong, Indonesia, Singapore, South Korea, Japan, Malaysia, India, Philippines, Taiwan and Thailand.

3] The FEER is Asia's premier business magazine.

4] According to www.cdc.gov, Sever Acute Respiratory Syndrome (SARS) is a viral respiratory illness caused by a coronavirus called the SARS-associated coronavirus (SARS-CoV). The first case of SARS was reported in Asia in February 2003. Within a few months, the illness spread to more than 24 countries throughout the world. The outbreak of SARS in the Asian region severely damaged its economic performance - the hardest-hit business was the region's tourism industry.

 

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