Genting to sell Miami land for RM5.4 bil
Sale provides company with financial flexibility for operations, future investments, it says
Genting Malaysia’s subsidiary, Resorts World Miami, has agreed to sell four plots of land in Miami to Smart Miami City for a total cash consideration of RM5.43 billion or US$1.225 billion.
KUALA LUMPUR – Genting Malaysia Bhd’s (GenM) wholly-owned subsidiary Resorts World Miami LLC has entered into a conditional sale and purchase agreement with Smart Miami City LLC for the disposal of four parcels of land in Miami for a total of US$1.225 billion or RM5.43 billion cash.
In a filing with Bursa Malaysia today, GenM said the land, collectively known as Miami Herald Land measuring approximately 673,691sqft or 6.2ha, is close to the commercial, residential and shopping areas in Miami, Florida.
It said the proposed disposal allows GenM to capitalise on market growth and unlock significant value in a non-core asset at an attractive price, enhancing the company’s cash position.
“This provides GenM with financial flexibility for its operations and future investments as and when they arise,” said GenM.
Based on the disposal consideration, GenM is expected to realise an estimated gain on disposal of US$967 million (equivalent to RM4.29 billion)
“The cash proceeds to be generated from the proposed disposal are intended to be utilised for general corporate and investment purposes, including the funding of future investments as and when they arise,” it added.
source – Bernama
