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Genting Malaysia unit pays $24.6m for land in Bahamas

Genting Malaysia Bhd’s indirect 70 per cent-owned unit, BB Entertainment Ltd (BBEL), is acquiring a piece of land from RAV Bahamas Ltd for $24.6 million. 

Source:
Date:
Updated:
The Malay Mail
Friday, September 12, 2014
Friday, September 12, 2014

KUALA LUMPUR, Sept 12 — Genting Malaysia Bhd’s indirect 70 per cent-owned unit, BB Entertainment Ltd (BBEL), is acquiring a piece of land from RAV Bahamas Ltd for US$24.6 million (RM78.6 million).

The land, measuring 6.6 hectares, is in the Bimini Islands, Bahamas.

BBEL is building a 307-key hotel on the land and it is adjacent to the Resorts World Bimini, Genting said in a filing to Bursa Malaysia here today.


“By acquiring the land, Genting Group will have better control in terms of planning for future development and expansion,” it said.

RAV’s principal activity is real estate development on the island of Bimini in the Bahamas. It currently holds a 30 per cent interest in BBEL.

BBEL is the owner and operator of the Bimini Casino in Resorts World Bimini. — Bernama

This is an excerpt from The Malay Mail as it appeared on September 12, 2014. For updates or to read the current version of this post in its entirety, please click here.

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  • investormoderator

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