Genting Singapore plc says the net debt position of its UK casino operations to be sold off to Genting Malaysia as at 20 June 2010 was £74.4 million ($155 million), as ascertained by the latter’s auditors.
This represents a reduction of £11.5 million from the net debt amount of £85.9 million as at 31 May 2010.
In accordance with the terms of the agreement, the purchase price will be revised upwards to £351.5 million from £340 million to reflect the improvement in net debt of the UK group.
In addition, Genting Singapore has been informed by Genting Malaysia that it had on Sept 20 obtained the relevant approval from the Gambling Commission for the proposed divestment.