August 2, 2011 / 2:00 AM / 9 years ago

Malaysia's Tanjong sells stake in gaming unit for 2.1 bln rgt-report

KUALA LUMPUR, Aug 2 (Reuters) - A firm controlled by Malaysian tycoon Ananda Krishnan has agreed to sell its stake in gaming operator Pan Malaysian Pools to a consortium of businessmen for 2.1 billion ringgit ($714.7 million), the Edge Financial daily reported on Tuesday.

The paper cited unidentified sources as saying the consortium taking over the number forecast operator from recently privatised Tanjong included gaming operator Genting CEO Lim Kok Thay.

Lim’s share in the consortium stood at between 250 million to 300 million ringgit.

Others in the consortium included Quek Leng Chan who controls Hong Leong Bank and conglomerate Lion Group CEO and Chairman William Cheng.

Tanjong officials and members of the consortium were not immediately available to comment

The Edge said the group’s bid for Pan Malaysian Pools included plans to list the firm on the Kuala Lumpur stock exchange. A local bank will provide the group with a 1.5 billion ringgit loan to fund the acquisition.

Pan Malaysia Pools controls a 24 percent market share in the number forecasting business that’s dominated by larger rivals Berjaya Sports Toto and Multi-Purpose Holdings .

Selling off Pan Malaysian Pools is part of Tanjong’s plan to become more syariah compliant as it seeks to expand its power generation business by tapping markets in the Middle East.

$1 = 2.938 Malaysian Ringgit Reporting by Niluksi Koswanage; Editing by Razak Ahmad

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