KUALA LUMPUR: Genting Malaysia Bhd's acquisition of the casino business in the United Kingdom from Genting Singapore plc will be reduced to ''351.5 million from ''340.0 million.
Genting Malaysia said on Tuesday, Sept 21 the lower acquisition cost was due to the lower net debt position at ''74.4 million as at June 20 compared with the net debt amount of ''85.9 million as at May 31.
'In accordance with the terms of the sales and purchase agreement, the purchase consideration will be revised by the net debt difference from ''340.0 million''to ''351.5 million to reflect the reduction in net debt.
'Genting Malaysia had on Sept 20, obtained the relevant approval from the British Gambling Commission for the proposed acquisition,' it said.
Genting Malaysia said on Tuesday, Sept 21 the lower acquisition cost was due to the lower net debt position at ''74.4 million as at June 20 compared with the net debt amount of ''85.9 million as at May 31.
'In accordance with the terms of the sales and purchase agreement, the purchase consideration will be revised by the net debt difference from ''340.0 million''to ''351.5 million to reflect the reduction in net debt.
'Genting Malaysia had on Sept 20, obtained the relevant approval from the British Gambling Commission for the proposed acquisition,' it said.
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