|Leisure operator Resort Worlds Group has announced that it is to sell its entire 6.2 percent stake in Malaysia-based casino operator Genting International to company shareholders in a deal worth up to $160 million.|
Resort Worlds stated that the sale was being undertaken in order to streamline investments and that purchase eligibility would depend on the number of current shares owned. The Kuala Lumpur-based firm added that all sales would include a non-renounceable offer for sale of stakes to shareholders on the basis of one stake for every ten Resorts shares owned.
Resorts World operates theme parks, hotels, seaside resorts and entertainment facilities along with the Genting Highlands Resort, a Malaysia-based family leisure and entertainment resort that attracted close to 19 million visitors in 2006.
Genting has various financial involvements across the gaming sector including owning the UK’s largest casino operator, Stanley, and ten percent of Rank. It also plans to build a casino resort costing over four billion dollars on Singapore’s Sentosa Island.