Genting completes disposal of power assets
KUALA LUMPUR: Genting Bhd completed its disposal of 97.7% stake in Mastika Lagenda Sdn Bhd to 1Malaysia Development Bhd (1MDB) for RM2.3 billion cash.
Mastika Lagenda, Genting Sanyen Power Sdn Bhd, Mastika Utilities & Services Sdn Bhd and Mastika Water Management Sdn Bhd ceased to be indirect subsidiaries of Genting with immediate effect.
The group also sold six parcels of its freehold and leasehold industrial land measuring 3.2 million sq ft to Tiara Tanah Sdn Bhd, an indirect wholly-owned subsidiary of 1MDB.
The land, located within the Genting Sanyen Industrial Complex in Kuala Langat, was s
This article first appeared in The Edge Financial Daily, on Oct 23, 2012.