Sunday, June 26, 2022

Genting HK sells stake in Korea venture to Landing

Genting Hong Kong said it has sold a stake in a South Korean casino venture to partner Landing International to better focus on its cruise line business.

In a filing with the Hong Kong Stock Exchange Genting said its Pearl Concept unit has sold its 50 percent interest in Magical Gains to Landing, its partner in the joint venture company.

Landing, a Chinese property developer, will now own 100 percent of Magical Gains.

Landing will also pay back a loan made by Pearl Concept to the venture, resulting in a total payment of about HK$864 million ($113 million).

Magical Gains is an investment holding company incorporated in the British Virgin Islands, which indirectly holds the entire issued share capital in Grand Korea, through which the companies were planning to manage a casino business in South Korea’s Jeju province.

Genting said the disposal will allow it “to focus on and put more resources to expand its cruise and cruise related businesses.”

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