Casino operator Genting Malaysia Bhd has sold its entire 16.87% stake in cruise operator Genting Hong Kong Ltd at the lowest price permitted under the disposal mandate.

Genting Malaysia announced in a filing with Bursa Malaysia on Friday that its indirect unit, Resorts World Ltd. has agreed to dispose 1.43 billion Genting HongKong shares to Golden Hope Ltd for US$415mil (RM1.71bil) in cash, or 29 cents per Genting HongKong share.

Golden Hope – in which Genting Malaysia chairman and chief executive Lim Kok Thay is a director – already held a 47.22 percent direct stake in Genting Hong Kong prior to Friday’s purchase. The exercise is said to be completed on October 21.

The company cited “for investments and/or working capital” as the reason for Genting Hongkong’s stake sale.