KUALA LUMPUR (Mar 22): Genting Malaysia Bhd's indirect wholly-owned subsidiary Genting UK plc is disposing of its entire equity interest in Coastbright Ltd for some £34.6 million cash (approximately RM185 million).
Coastbright is principally involved in operating the Maxims casino in Kensington, London.
In a filing with Bursa Malaysia today, Genting Malaysia said Genting UK had entered into a share purchase agreement yesterday with Sonco UK BidCo Ltd for the purpose of the disposal which is expected to net it a gain of approximately £23 million.
It added that the disposal will allow Genting UK to streamline its operations, and that the proceeds from the disposal are intended to reduce Genting UK's borrowings and for other potential investment opportunities.
Sonco represents a consortium of investors led by Sonco Gaming Inc, a Canadian group engaged in the ownership, operation and development of gaming properties.