Asian gambling operator Genting Malaysia has sold its final 16.8% stake in Genting Group subsidiary Genting Hong Kong for a reported US $415 million (£320 million).
The sale represents the lowest price permitted for the disposal of cruise line operator Genting Hong Kong at $ 0.29 cents per share.
Last Friday Genting Malaysia governance issued a corporate filing with Bursa Malaysia detailing that its 16.8% stake had been acquired by Golden Hope Ltd, an investment firm which holds 47% of Genting Hong Kong equity.
Asian business news sources report that Genting Malaysia governance had been seeking to dispose of its stake in the cruise line operator since July of last year, detailing that the subsidiary had become a ‘non-core’ asset for its operations.
Focusing on its gambling operations, Genting Malaysia governance said it would use the money raised “for investments and/or working capital”.
Further adding: “As part of its business strategy, Genting Malaysia group will from time to time identify and evaluate investment opportunities to strengthen and grow its business. However, at this point in time, the Genting Malaysia group has yet to identify any specific investment and as a result, the expected time frame for the utilisation of such cash proceeds cannot be determined at this juncture.”