This article first appeared in The Edge Financial Daily, on October 2, 2015.

KUALA LUMPUR: Genting Bhd and the Lim family are disposing of their online gaming business in the United Kingdom to cash-rich Genting Malaysia Bhd, Genting’s 49.3%-owned unit, for £7.2 million (RM48 million) cash, to streamline the group’s gaming business there under one management.

The online gaming business is currently parked under Genting Alderney Ltd, which is wholly owned by RWI International Investments Ltd (RWI International), in which Genting and its chairman and chief executive Tan Sri Lim Kok Thay each has a 50% indirect interest.

Currently, Genting Malaysia operates land-based casinos in the UK through Genting UK plc (GUK), its indirect wholly-owned unit.

Genting Malaysia’s indirect wholly-owned unit Nedby Ltd entered into a conditional sale and purchase agreement yesterday with RWI International for the acquisition, according to Genting Malaysia’s filing with Bursa Malaysia.

The disposal, which does not require any regulatory or shareholders’ approval, is expected to be completed in the fourth quarter of the year. Genting Malaysia intends to finance the purchase using internally generated funds. As at June 30, Genting Malaysia’s cash and cash equivalents stood at RM2.75 billion.

With the acquisition, the operations of Genting Alderney and GUK are expected to be streamlined under a single management to deliver a seamless multi-channel customer experience in the UK.

Genting Alderney presently offers live online casino, casino games, sports betting and poker on the Internet.