The gaming and tourism brand will sell its interest to Landing International Development Ltd.
Singapore.- Genting Singapore announced the selling of its Jeju interest for US$420 million to, seemingly, Landing International Development Ltd. The plan was revealed a month after Genting Malaysia also sold its 16.8 percent of its Hong Kong subsidiary. The international company is refinancing its position to make a huge investment.
Genting would transfer its 100 percent interest in Korean resort due to a major investment in Singapore and in potential businesses in Japan. The seeming agreement would be closed with Landing International Development, as the company revealed last Friday. Genting would sell its interest in Callisto Business, which operates 50 percent of Landing Jeju Development Co. (Jeju Korea), and its 50 percent shareholding in Autumnglow Pte Ltd for US$1 billion. Proforma gains on the Callisto and Autumnglow disposals are approximately S$81 million and S$4 billion respectively.
“The group has narrated its shift to focus on different market segments, and has been developing strategies to improve offerings to the affluent target markets. These strategies, including the group’s brand repositioning and development of new facilities, will help it grow within its home base in the near term,” stated Genting Singapore operators.
“Recent news reports from Japan are encouraging with regards to the advancement of the process to debate and pass the Integrated Resort Promotion Bill. The Group is optimistic that this Bill will be enacted in the near future. When this happens, significant resources will need to be devoted to position the group as a strong candidate for the bidding process,” they concluded.