Genting UK is an indirect wholly-owned subsidiary of Genting Malaysia.
In a filing with Bursa Malaysia today, Genting Malaysia said Genting UK and Coastbright signed a share purchase agreement on the proposed share sale yesterday.
“The disposal will allow Genting UK to streamline its operations. The group is also expected to realise a gain rising from the disposal,” it said.
The disposal is expected to realise a gain of approximately £34.6 million (RM123 million), based on Genting Malaysia’s financial statement for the financial year ended Dec 31, 2018, and assuming that the disposal had taken place at the beginning of the year.
“The proceeds from the disposal are intended to reduce Genting UK group’s borrowing and for other potential investment opportunities,” Genting Malaysia said.