Genting Malaysia said it has sold its 16.87 percent stake in its sister company Genting Hong Kong for about $415 million.
The sale price for the 1,431,059,180 shares was $0.29 a share, which represents an 8.2 percent premium to the five-day weighted average trading price.
Genting sold the stock to Golden Hope Ltd, a discretionary trust in which Tan Sri Lim Kok Thay and other family members of the founder of the Genting Group are beneficiaries. Golden Hope owned 47.22 percent of Genting Hong Kong as of the end of September.
Genting Malaysia said it will use the proceeds for investments and or working capital. It has no specific investment plans at present, it said in a regulatory filing.