Singapore-listed Genting Intl to buy Star Cruises stake in casino resort project |
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Published
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Mon, 05 Mar 2007 01:51
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SINGAPORE (XFN-ASIA) - Star Cruises Ltd has agreed to sell its 25 pct stake in Resorts World at Sentosa Pte Ltd (RWS), which is building a casino resort here, to its partner in RWS, Genting International PLC, Genting International said.The companies are discussing the valuation of the Star Cruises stake, it said.Genting International said it expected the acquisition to depend on the approval of the authority that oversees the casino resort project and the shareholders of both companies.The acquisition would give Genting International full control of the casino resort project.Genting International said it had engaged CIMB-GK Securities Pte Ltd as its financial adviser for the transaction.On Saturday, Genting International said it was pulling out of a tie-up with Macau casino tycoon Stanley Ho after the deal came under the scrutiny of the government here.It said it would sell Star Cruises its stake of 25 pct stake in a Macau hotel and casino project linked to Ho for 58.5 mln hkd.The government here has been seeking clarification from Genting International and Star Cruises about the deal, which would have given Ho and a group of investors a stake of 6.99 pct in Star Cruises. In return, Star and Genting International were to get stakes in a new hotel and casino to be operated by Ho's Sociedad de Jogos de Macau.(1 usd = 7.81 hkd)lynette.khoo@xfn.com
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Singapore-listed Genting Intl calls off Macau tie-up with Stanley Ho 