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 £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 £34.6 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.

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“The proceeds from the disposal are intended to reduce Genting UK group’s borrowing and for other potential investment opportunities,” GENM said. — Bernama