Genting sells land for RM65.75m

PETALING JAYA: Genting Malaysia Bhd's wholly-owned subsidiary, Genting Highlands Tours and Promotion Sdn Bhd has agreed to sell two leasehold land measuring 380,902 sq ft in Kuala Lumpur to Esprit Icon Sdn Bhd for RM65.75 million in cash.
Esprit is a wholly-owned subsidiary of Genting Plantation Bhd and is principally involved in property and related activities.
Genting said it will use the cash proceeds for its working capital.
"The proposed disposal provides an opportunity for Genting group to unlock the immediate full value of the properties," it told the stick exchange yesterday.
Currently, Genting is occupying about half of the properties to house its transport operations and tenanted to a third party tenant.
Under the terms of the tenancy, Genting group will continue to remain at the properties for the next two years so as not to disrupt its existing operations, whilst progressively undergo relocation to another site.