Genting takes further steps to streamline business

Genting Malaysia is buying the group’s U.K. online gambling business for GBP7.2 million ($10.9 million) as part of an ongoing effort to streamline the group structure.

In a filing with Bursa Malaysia, Genting Malaysia, which is 49.3 percent-owned by Genting BhD, said it was buying Genting Alderney from RWI International Investments, which is 50 percent owned by Genting Bhd and 50 percent by its chairman Tan Sri Lim Kok Thay.

Genting Alderney was incorporated in 2007 and its principal activity is to operate online gaming activities in the United Kingdom. Its product range encompasses live online casino, casino games, sports betting and poker which are accessible via the internet using personal computers, notebooks, mobile and tablet devices.

Genting Malaysia said it’s optimistic about the future outlook of the UK online gaming in the long term as the operating environment in the UK gradually strengthens and the economy improves moderately.

“Following the proposed acquisition, the operations of Genting Alderney and GUK are expected to be streamlined as an integrated online, mobile and retail gaming business under the focus of a single management in order to deliver a seamless multi-channel customer experience in the UK.”

Earlier this year, Genting Malaysia’s indirect unit Resorts World said it was selling a 17.8 percent stake in sister company Genting Hong Kong.

Genting said at the time that the shares were considered “non-core investments” and were treated as “available-for-sale financial assets” in the group’s financial statements.