KUALA LUMPUR : Genting Malaysia Berhad today announced that a plan for Resorts World Miami LLC and Genting Florida LLC to sell its Miami Herald land for US$1.2 billion to Smart Miami City LLC has fallen through.
The Miami Herald land consists of four parcels of land in Miami measuring an aggregate land area of 673,691 square feet or 15.47 acres.
According to Genting Malaysia's filing with Bursa Malaysia Securities, Smart Miami City's request for an extension of the exclusivity period and amendments to the commercial terms of their sale and purchase agreement was denied, and this led Smart Miami City to end their current bid.
Genting Malaysia however said the company remains interested in the Miami Herald land.
"Genting Malaysia has seen the value of its investment in Miami increase approximately 400 per cent in just over a decade and firmly believes in the sustained strength and growth of the Miami market. Genting Malaysia will review other opportunities to close on the sale of the Miami Land as-is while the company continues to enhance its remaining Miami holdings," the company said.
On 15 June, 2023 Genting Malaysia obtained shareholders' approval to dispose of the Miami Herald land to Smart Miami City for US$1.225 billion, either through Genting Florida's sale of a 100 per cent interest in RW Miami, which holds the Miami Herald land, or RW Miami's sale of the Miami Herald land.
Genting Malaysia's last closing price was RM2.51 a share. Trading of its shares will resume at 10 am after a halt pending the announcement.