It would increase to us$ 550.4 million
Genting’s British casino acquisition price up
(UK / Malaysia).- Genting Malaysia’s acquisition price of a casino business in the United Kingdom from Genting Singapore would be increased to us$ 550.4 million from us$ 532 million.
2010-09-24
Reading time 29 seg
It told Bursa Malaysia that the revised acquisition cost was due to the lower net debt position at us$ 116.5 million as at June 20 compared with the net debt amount of us$ 134.5 million as at May 31.
“In accordance with the terms of the sales and purchase agreement, the purchase consideration will be revised by the net debt difference from us$ 532.4 million to us$ 550.4 million to reflect the reduction in net debt,” it said.
Genting Malaysia also said it had, on September 20, obtained approval from the British Gambling Commission for the proposed acquisition. To recap, last month, Genting Malaysia got the nod from its shareholders to acquire Genting UK from Genting Singapore for a cash consideration of us$ 532.4 million.
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