Genting Bhd, the management company of the Genting Group, has sold its UK online gaming operation to subsidiary Genting Malaysia (GENM) as part of a move to streamline the firm’s UK gaming business under one management.
Under the agreement, GENM will acquire the online gaming business, which is part of the Genting Alderney division currently owned by UWI International Investments, for a fee of £7.2 million (€9.8 million/$11 million).
Both Genting and its chairman and chief executive, Tan Sri Lim Kok, own a 50% indirect interest in UWI.
In the filing, Genting said the move would help streamline its business in the UK under a single management, with the firm’s Genting UK arm active in the region through a network of land-based casinos.
“GENM Group is 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,” the filing said.
“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.”
The agreement does not require any shareholder approval and is expected to be finalised during the fourth quarter of this year.
GENM plans to finance the acquisition using internally generated funds of the group and its various subsidiaries.
