Genting sells China power assets

    Malaysian gaming conglomerate Genting said it has sold a 51 percent stake in Fujian Pacific Electric Co to Chinese government-owned SDIC Power Holdings Co Ltd for RMB 694 million ($112 million).
    Fujian Pacific owns and operates the 724 MegaWatt coal fired Meizhou Wan power plant in Putian, Fujian Province.
    Genting said the disposal is not expected to have any material impact on its earnings or net assets for the financial year ending Dec 31, 2014.
    Genting, which gets the majority of its revenue from its casino business, also owns stakes in plantations. The group is planning billions of dollars in capital expenditure over the next few years on new casino projects and on upgrading its Resorts World property in Malaysia.
    Most recently, the group said it put in bids for two casino licenses in New York State, which would entail total combined investment of $2.5 billion.