Thursday July 5, 2012
Genting M’sia restructures UK subsidiaries
PETALING JAYA: Genting Malaysia Bhd is restructuring its indirect subsidiaries in the United Kingdom (UK) to better streamline its operations.
In a note to Bursa Malaysia yesterday, the company said Palomino World Ltd was disposing of its unit Palomino World (UK) Ltd (PWUK) to Genting Worldwide (UK) Ltd (GWUK) for £113,004 (RM565,020) and that Palomino Star Ltd was disposing Genting International (UK) Ltd (GIUK) to GWUK for £21.67mil.
It also said GWUK was transferring PWUK and GIUK to Nedby Limited (NL) in exchange for 21.79 million new NL shares.
The company announced also the transfers of PWUK, Genting Solihull Limited (GSL) and GIUK by NL to Genting International Investment (UK) Ltd (GIIUK) in exchange for 21.79 million new GIIUK shares, as well as the disposal of 0.28% equity interest in Genting UK Plc (GUK) by GIUK to GIIUK for a cash consideration of £733.87.
Genting Malaysia further announced the transfers of PWUK, Genting International Investment Properties (UK) Ltd, GSL and GIUK by GIIUK to GUK, in exchange for 24.38 million new GUK shares.
“The restructuring is undertaken to consolidate and streamline Genting Malaysia’s corporate structure for its existing and future operations in the UK,” it told Bursa Malaysia.