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Genting confirms RM514.6m purchase of Equanimity

  • Genting confirms RM514.6m purchase of Equanimity.

KUALA LUMPUR, April 3 (Bernama) -- Genting Malaysia Bhd confirmed it is buying the Equanimity superyacht together with bunkers, fuel, lubricants and other existing consumables on board for a total consideration of US$126 million (RM514.6 million).

In a filing to Bursa Malaysia, the company said on March 26, 2019, it made an offer to the Kuala Lumpur High Court of Malaya to purchase the superyacht under a Judicial Sale process, by way of private direct sale, pursuant to the Order made by the Kuala Lumpur High Court of Malaya under its Admiralty jurisdiction.

"The Admiralty Court in Kuala Lumpur had, today, approved the offer by Genting Malaysia on the Sheriff's Terms and Conditions. The acquisition will be undertaken by Genting Malaysia's wholly-owned subsidiary and the completion of the sale is expected to take place by the end of April 2019."

The acquisition would allow it to differentiate itself from its competitors and provide the company with a unique and competitive edge for its premium customers business, it said.

Genting Malaysia, which is involved in gaming, hotel and resort-related operations, said the acquisition was not expected to have a material effect on the consolidated earnings, net assets and gearing for the financial year ending Dec 31, 2019.

As at mid-day break, Genting Malaysia was up eight sen to RM3.25 with 2.69 million shares transacted.

Genting Bhd rose 17 sen to RM6.87 while Genting Plantations share price was flat at RM10.50.

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