Genting sells UK casino
The casino company is selling its entire equity interest for approximately €40 million.
UK.- Genting Malaysia’s wholly-owned subsidiary Genting UK has revealed that it will dispose of its entire equity interest in Coastbright Ltd for approximately €40 million. The latter is involved in the operations of the Maxims casino in Kensington, London. After Genting sells the UK casino, it will receive more than €25 million.
The news was announced in a filing with Bursa Malaysia, in which Genting Malaysia and Genting UK revealed that they entered into a share purchase agreement with Sonco UK BidCo Ltd for the sole purpose of disposing of the equity interest. Genting’s sale of the UK casino will bring the company more than €25 million.
The company added that the disposal will allow Genting UK to streamline its operations, The Edge Markets revealed. The proceeds will reduce Genting UK’s borrowings and help with other potential investment opportunities.
Sonco is a consortium of investors led by Sonco Gaming, a group from Canada. The entity is engaged in the ownership, operation and development of gaming properties.
