KUALA LUMPUR (April 3): The acquisition of the Equanimity superyacht will provide Genting Malaysia Bhd (GenM) with a competitive edge, according to the group.

GenM is acquiring the Equanimity, together with bunkers, fuel, lubricants and other existing consumables on board, for a total of US$126 million (about RM514.6 million).

In a filing to the exchange today, GenM said it had on March 28 made an offer to the Kuala Lumpur High Court of Malaya to purchase the Equanimity under a judicial sale process, by way of private direct sale, pursuant to the order made by the Kuala Lumpur High Court of Malaya under its Admiralty jurisdiction.

It said the Admiralty Court in Kuala Lumpur had, today, approved the offer by GenM on the Sheriff's Terms and Conditions.

GenM said the acquisition will be undertaken by its wholly-owned subsidiary and the completion of the sale is expected to take place by end of April 2019.

"The proposed acquisition will allow GenM to differentiate itself from its competitors and provide GenM with a unique and competitive edge for its premium customers business," it said.

At the midday break today, GenM rose 2.52% or 8 sen to RM3.25 with 2.69 million shares traded.