Shareholders approved to sell Genting Hong Kong for at least RM1.7b

KUALA LUMPUR: Genting Malaysia Bhd today received approval from its shareholders to sell its entire 17.81% stake in Genting Hong Kong Ltd for at least RM1.7 billion in cash.
Recently, its indirect wholly-owned subsidiary Resorts World Ltd proposed to sell the entire 1.4 billion ordinary shares of US$0.10 each in Genting Hong Kong, representing 17.81% of the total issued and paid-up share capital of Genting Hong Kong, of which the minimum disposal share price shall not be less than US$0.33.
Genting Malaysia's board of directors declined to speak to reporters after the EGM.
A shareholder whom declined to be named told SunBiz that the resolution was easily passed, as shareholders did not raise any questions on the proposed disposal plan.
"Majority of the shareholders are happy on the results because maybe through the sale we can get more dividend and the money (cash proceeds) can be used to earn more money," he said.
Genting Hong Kong is headquartered in Hong Kong. It is involved in cruise and resort businesses through Star Cruises, Norwegian Cruise Line and Resorts World Manila.