Genting Malaysia confirms Equanimity purchase for RM514.6mil

Seized luxury yacht Equanimity, belonging to fugitive Malaysian financier Low Taek Jho, is brought to Boustead Cruise Terminal in Port Klang, Malaysia on August 7, 2018. -Reuters

KUALA LUMPUR: Genting Malaysia Bhd has confirmed its purchase of the Equanimity superyacht for  US$126mil (RM514.6mil) under a Judicial Sale process, by way of private direct sale.

In a filing with Bursa Malaysia Wednesday, Genting Malaysia said on March 28, it made an offer to the Kuala Lumpur High Court of Malaya to purchase the superyacht together with bunkers, fuel, lubricants and other existing consumables on board under a Judicial Sale process, by way of private direct sale, pursuant to the order made by the Kuala Lumpur High Court of Malaya under its Admiralty jurisdiction.

“The Admiralty Court in Kuala Lumpur had, today, approved the Offer by Genting Malaysia on the sheriff’s terms and conditions. The acquisition will be undertaken by Genting Malaysia’ wholly-owned subsidiary and the completion of the sale is expected to take place by end of April 2019,” Genting Malaysia said. 

It added that the proposed acquisition would allow Genting Malaysia to differentiate itself from its competitors and provide the group with a unique and competitive edge for its premium customers business.

Genting Malaysia said the proposed acquisition was not expected to have a material effect on the consolidated earnings, net assets and gearing of Genting Malaysia for the financial year ending Dec 31, 2019.