KUALA LUMPUR, March 22 — Genting Malaysia Bhd’s (GENM) indirect wholly-owned subsidiary, Genting UK Plc is disposing of its entire equity interest in London-based company Coastbright Limited for GBP 34.6 million (RM185.0 million).
In a filing with Bursa Malaysia today, GENM said Genting UK and Coastbright signed a share purchase agreement on the proposed share sale, yesterday.
“The disposal will allow Genting UK to streamline its operations. The group is also expected to realise a gain rising from the disposal,” it said.
The disposal is expected to realise a gain of approximately GBP34.6 million (RM123.0 million), based on GENM’s financial statement for the financial year ended Dec 31, 2018 and assuming that the disposal had taken place at the beginning of the year.
“The proceeds from the disposal are intended to reduce Genting UK group’s borrowing and for other potential investment opportunities,” GENM said. — Bernama
Source: The Malay Mail Online