Genting Malaysia to Sell Hong Kong Stake

Sun, May 17, 2015

Genting Malaysia plans to sell its entire 17.8 percent stake in the group’s Hong Kong-listed subsidiary Genting Hong Kong, calling it a “non-core asset.” Shares will be sold for not less than 33 cents a share in cash.

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.

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