Funds will go to Malaysia renovation
Genting Malaysia is planning to offload more than 1.4 billion shares of its Genting Hong Kong unit, which will raise at least $472.2 million in gross proceeds for the parent company, one of the world’s dominant casino operators.
According to Reuters, stockholders have given the company up to a year to sell the stake. The securities can be sold in either on-market or off-market transactions.
Genting Malaysia originally paid $604.1 million for the stake, or 42 cents per share, from 1998 and 2006. The company is selling what it described as “a non-core asset” to help fund an upgrade of its Malaysian property and for future working capital.
