Genting Singapore completes disposal of stake in South Korea-based integrated resort

GENTING Singapore has completed the disposal of its stake in an integrated resort in Jeju, South Korea, chalking up a gain of about S$96.3 million.

The total sum received by the group for the stake was US$411.1 million.

In November last year, Genting announced that its wholly owned subsidiary Algona had entered into a conditional sale and purchase agreement with Landing International Development Limited (LIDL) to dispose of its 100 per cent interest in Callisto Business.

Callisto's wholly owned subsidiary, Happy Bay, owns 50 per cent of Landing Jeju Development Co, the joint venture which is developing the integrated resort in Jeju, South Korea.