Genting Singapore to divest operations in UK

Mainboard-listed Genting Singapore said it will sell its casino businesses in the UK to Genting Malaysia for £340 million (S$688.8 million).

Genting said the move will allow it to focus on reinforcing the large scale integrated resort experience it obtained in developing Singapore's biggest integrated resort – the Resorts World Sentosa (RWS).

It said sales of its UK operations will add more resources to allow RWS to carry out customer acquisition, brand development and marketing.

Genting also noted that the net proceeds of the planned divestment may also be used for strategic growth opportunities in the gaming, leisure and hospitality sectors, when such opportunities emerge.

An extraordinary general meeting will be convened to seek the approval of non-interested shareholders for the proposed divestment.