KUALA LUMPUR (July 31): Genting Malaysia Bhd has sold of its entire equity interest in its indirect wholly-owned unit E-Genting Sdn Bhd for RM3 million.

In a filing with Bursa Malaysia today, the group said its wholly-owned subsidiary E-Genting Holdings Sdn Bhd signed an agreement with management services provider RW Tech Labs Sdn Bhd for the sale.

"E-Genting Sdn Bhd is considered a non-core asset for Genting Malaysia. The disposal allows [the group] to further streamline and focus on its core operations in the leisure and hospitality industry," it said.

"For illustrative purposes, based on Genting Malaysia's audited consolidated financial statements as at Dec 31, 2016 and assuming that the disposal had taken place at the beginning of the year, the disposal is expected to realise a gain of up to RM3 million to Genting Malaysia group," it added.

Genting Malaysia said RW Tech Labs is a wholly-owned subsidiary of Resorts World Inc Pte Ltd (RWI), which in turn is a 50:50 joint venture company of Genting Intellectual Property Pte Ltd (GIP) and KHRV Ltd. GIP is a wholly-owned subsidiary of Genting Bhd.

Genting Bhd chairman and chief executive officer Tan Sri Lim Kok Thay — who is also a director and shareholder at Genting Malaysia — is a director of KHRV and has deemed interest in RW Tech Labs through KHRV and Genting Bhd.

Meanwhile, Lim Keong Hui, a son of Lim Kok Thay, has deemed interest in RW Tech Labs through Genting Bhd, where he is a director. He is also a director and president of RWI and a director of RW Tech Labs.

Genting Malaysia shares closed 1 sen or 0.17% higher at RM6, giving it a market capitalisation of RM34.01 billion.