Business | Mon May 11, 2015 8:55pm EDT Related: DEALS
Genting Malaysia unit to sell stake in Genting Hong Kong for $469.7 million
KUALA LUMPUR
Malaysian gaming firm Genting Malaysia Bhd's (GENM.KL) indirect unit Resorts World Ltd has offered to sell its 17.81 percent equity stake in Genting Hong Kong Ltd (0678.HK) for at least 1.7 billion ringgit ($469.74 million) in cash.
Genting Malaysia, a unit of gaming-to-plantations conglomerate Genting Bhd (GENT.KL), 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 $0.33," Genting Malaysia said in a filing.
Genting Malaysia made the investment between 1998 and 2006 for an original cost of $604.1 million, or an average purchase price per Genting Hong Kong share of $0.42. As of Dec 31, 2014, the carrying value of the disposal shares was $501.5 million.
