Malaysia's Resorts plans Genting Int'l stake sale

KUALA LUMPUR, Dec 28 (Reuters) - Malaysian casino operator Resorts World Bhd (RWBW.KL: Quote, Profile, Research) announced on Friday a plan to sell its entire stake in Singapore-listed Genting International (GNTG.SI: Quote, Profile, Research) to Resorts World shareholders.

Resorts, which owns about a 6.2 percent stake in Genting International, could raise about 527 million ringgit ($158.9 million) from the sale assuming a full take-up of the offer, it said.

"The proposed offer for sale will enable the Resorts World Group to divest its stake in Genting International in a manner that provides the entitled shareholders with an opportunity to have a direct participation in the prospects and future performance of Genting International at a potential discount to the market price," Resorts said in a statement.

"The divestment is intended to allow the Resorts World group to streamline its investments as part of a continuous review of (its) strategic positioning and interests worldwide."

The proceeds will be used for investments and acquisitions, Resorts added.

Genting International owns gaming firm Stanley Leisure plc and almost a 10th of Rank Group plc (RNK.L: Quote, Profile, Research), the United Kingdom's biggest and second-biggest casino firms.

Genting International has also said it expects to spend as much as S$6 billion ($4.14 billion) to build a casino resort on Singapore's Sentosa Island.

Resorts is 48 percent-owned by Malaysian gaming giant Genting Bhd (GENT.KL: Quote, Profile, Research) as at December, Reuters data shows.

The planned sale involves a non-renounceable offer for sale of the stake to Resorts shareholders at a price to be later determined, on a pro-rated basis of 1 offer share for every 10 Resorts shares owned, the firm said. ($1=3.317 Malaysian Ringgit)

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