Buyer is Golden Hope Ltd., a family trust
Genting Malaysia announced last week that it has sold its entire 16.87 percent stake in its sister company, Genting Hong Kong. The 1.4 million shares sold at 29 cents a share, which represents an 8.2 percent premium to the five-day weighted average trading price, according to the Asia Gaming Brief.
The buyer is Golden Hope Ltd., described by AGB as “a discretionary trust” under the control of Tan Sri Lim Kok Thay, chairman and CEO of Genting Malaysia. Golden Hope owned 47.22 percent of Genting Hong Kong at the end of September. The deal will be completed October 21.
According to Genting Malaysia, it will use the funds “for investments and/or working capital. As part of its business strategy, the 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 utilization of such cash proceeds cannot be determined at this juncture,” the company said.
