Resorts World to sell stake in Genting

MALAYSIAN casino operator Resorts World announced yesterday a plan to sell its entire stake in Singapore-listed Genting International to Resorts World shareholders.

Resorts World, which owns about a 6.2 per cent stake in Genting International, could raise about RM527 million (S$229.2 million) from the sale, assuming a full take-up of the offer, it said.

'The divestment is intended to allow the Resorts World group to streamline its investments as part of a continuous review of its strategic positioning and interests worldwide.'

The proceeds will be used for investments and acquisitions, Resorts World added.

Genting International has said it expects to spend as much as $6 billion to build a casino resort on Sentosa Island.

Resorts World is 48 per cent-owned by Malaysian gaming giant Genting, Reuters data shows.

The planned sale involves a non-renounceable offer for the sale of the stake to Resorts World shareholders at a price to be later determined, on a pro-rated basis of one offer share for every 10 Resorts World shares owned, the firm said.

REUTERS