• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Malaysia sells GEN Hong Kong stake for US$415mln

Oct 03, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


GEN Malaysia sells GEN Hong Kong stake for US$415mln

Casino operator Genting Malaysia Bhd is selling its entire 16.87 percent stake in Genting Hong Kong Ltd for US$415 million, or US$0.29 per share.

The announcement was made last Friday. Both firms are part of the Malaysia-based conglomerate Genting group.

The exercise is to be completed on October 21.

Genting Malaysia had been looking for a buyer for its entire interest in casino ship operator and Philippines casino investor Genting Hong Kong since July last year. The stake – considered by the firm as a “non-core” asset – was controlled by an indirect wholly-owned subsidiary called Resorts World Ltd.

The purchaser was indentified in a Friday filing to Bursa Malaysia as Golden Hope Ltd. The firm is the trustee of Golden Hope Unit Trust, ultimately owned by a discretionary trust in which Genting Malaysia chairman and chief executive Lim Kok Thay and other family members are beneficiaries.

Golden Hope – in which Mr Lim is a director – already held a 47.22 percent direct stake in Genting Hong Kong prior to Friday’s purchase.

Genting Malaysia said in the Friday filing that the US$0.29 per share paid by Golden Hope represented an 8.2 percent premium to the volume weighted average market price of Genting Hong Kong shares during the five-day period ended September 29.

The Genting Malaysia shareholders had – under a renewed one-year disposal mandate given to the company in June – set the minimum disposal price per share for the Genting Hong Kong stake at US$0.29. Under a previous mandate, which expired on July 1, the minimum disposal price allowed had been set at US$0.33.

Genting Malaysia originally acquired the stake in Genting Hong Kong for US$604.1 million, or an average of US$0.42 per share.

Genting Malaysia said it would use the money raised “for investments and/or working capital”.

It added: “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.”

Genting Malaysia recorded a year-on-year decline of 59.8 percent in net profit for the first quarter of 2016. The firm runs Resorts World Genting, Malaysia’s only casino resort, and operates casinos in the United States, the Bahamas and the United Kingdom.


  • tweet
Related articles
  • Jeju Dream Tower may host 1,000 foreign VIP players in Aug
    Jeju Dream Tower may host 1,000 foreign...

    Aug 11, 2022  

  • Genting HK says various units filed for insolvency
    Genting HK says various units filed for...

    Jul 21, 2022  

More news
  • Wenzhou court hears bet crime cases said tied to Alvin Chau
    Wenzhou court hears bet crime cases...

    Aug 12, 2022  

  • GEN Singapore 1H profit down, sales costs rise 34pct
    GEN Singapore 1H profit down, sales...

    Aug 12, 2022  


Latest News

Wenzhou court hears bet crime cases said tied to Alvin Chau

Wenzhou court hears bet crime cases said tied to Alvin Chau

Aug 12, 2022  

An intermediate court in Wenzhou, in Zhejiang province, mainland China, finished on Friday hearing three cases on illegal gambling alleged to have involved the boss of Macau-based junket brand...
Read More
GEN Singapore 1H profit down, sales costs rise 34pct

GEN Singapore 1H profit down, sales costs rise 34pct

Aug 12, 2022  

No-interest play deposits ok for casinos says Macau bill

No-interest play deposits ok for casinos says Macau bill

Aug 12, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Southeast Asian junkets are competitively heading for South Korea recently”

Lawrence Teo

Chief operating officer of Lotte Tour, promoter of the Jeju Dream Tower resort



Most Popular

  • Wenzhou court hears bet crime cases said tied to Alvin ChauWenzhou court hears bet crime cases said tied to Alvin Chau August 12, 2022
  • Casino backers in top 10 of Forbes’ Philippines RichestCasino backers in top 10 of Forbes’ Philippines Richest August 11, 2022
  • No criminal action on claims Okada falsified TRLEI docsNo criminal action on claims Okada falsified TRLEI docs August 12, 2022
  • No-interest play deposits ok for casinos says Macau billNo-interest play deposits ok for casinos says Macau bill August 12, 2022
  • Jeju Dream Tower may host 1,000 foreign VIP players in AugJeju Dream Tower may host 1,000 foreign VIP players in Aug August 11, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us