Genting Malaysia sells totality of stake

The gaming operator has transferred the last 16.8 percent of its Hong Kong subsidiary.

Malaysia.- Genting Malaysia reported yesterday the final sell of its Genting Hong Kong stake. The gaming company has completed the transaction of its 16.8 percent stake for US$415 million (£320 million). The price of each share was the minimum, permitted for the disposal of cruise line operator Genting Hong Kong at US$0.29 cents per each.

The buyer company is Golden Hope Ltd., the same firm that holds 47 percent of Genting Hong Kong equity. The transaction will help the gaming operator to invest on international projects and to increase the working capital.

“As part of its business strategy, Genting Malaysia group will from time to time identify and evaluate investment opportunities to strengthen and grow its business. However, at this point in time, the Genting Malaysia group has yet to identify any specific investment and as a result, the expected time frame for the utilisation of such cash proceeds cannot be determined at this juncture,” revealed officers of Genting Malaysia.