Genting Malaysia unit to sell stake in Genting Hong Kong for RM$1.7b

[KUALA LUMPUR] Malaysian gaming firm Genting Malaysia Bhd's indirect unit Resorts World Ltd has offered to sell its 17.81 per cent equity stake in Genting Hong Kong Ltd for at least RM1.7 billion (S$628.5 million) in cash.

Genting Malaysia, a unit of gaming-to-plantations conglomerate Genting Bhd, said late on Monday the proposed sale could include transactions in the open market, off-market transactions or a combination of both.

It said no buyers had been identified at this stage.

"Regardless of the manner of disposal, the minimum disposal price per disposal share shall not be less than US$0.33," Genting Malaysia said in a filing.

Genting Malaysia made the investment between 1998 and 2006 for an original cost of US$604.1 million, or an average purchase price per Genting Hong Kong share of US$0.42. As of Dec 31, 2014, the carrying value of the disposal shares was US$501.5 million.

REUTERS