Genting HK (HKG:0678) sells 20% stocks in RWI at $59.9M


Genting Hong Kong (HKG:0678) (Genting HK) has agreed to sell all its 20% equity interest in Resorts World Inc Pte. Ltd. (RWI) to Genting Intellectual Property Pte. Ltd. (GIP) and KHRV Limited for S$9.675 million (HK$59.885 million).

GIP is wholly owned by Genting Berhad, a company holding 18.7% issued share capital of Genting HK. KHRV is wholly owned by Golden Hope Limited, which is a trustee of Golden Hope Unit Trust, a substantial shareholder of Genting HK.

Genting HK expects HK$1.35 million loss from the disposal.

The principal business of RWI is investment holding, with its subsidiaries engaging in promoting and marketing of brands, licensing of trademarks and intellectual property rights, provision of membership loyalty network services as well as providing management and technical support services.

A subsidiary of RWI entered into an agreement with Genting Singapore PLC whereby it agreed to purchase the shares of a company engaged in the business of online gaming. Since Genting HK has no intention to invest in online gaming for the time being and the income from RWI represents an insignificant proportion of the total income of Genting HK, the board considers that the disposal represents a good opportunity for Genting HK to realize its investment in RWI for cash.

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