Genting Malaysia Berhad (GenM)announced today that it is buying RM 228.6 million ringgit worth of assets from parent Genting Berhad.The purchase of Oakwood Sdn Bhd is for RM212.7 million ringgit. Oakwood owns freehold building land and office tower that houses most of the Genting business.
Apart from that, GenM is also buying a tour agency from Genting Berhad for RM15.9 million ringgit. Genting Highlands Tours and Promotions is involved in leasing of land and premises and owns some freehold land in Kuala Lumpur.
Genting Berhad, in a separate announcement, said: "The disposals are consistent with Genting Berhad's intention of streamlining the group's Malaysian property investment and management activities under Genting Malaysia."
Well,that puts GenM is the right perspective in their corporate focus and at the same time, allows Genting Berhad to pursue potential business opportunities in the gaming industry.
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