Malaysian gaming and power conglomerate Genting has paid US$155.3 million for power assets in southern China's Fujian province as part of its regional growth strategy.

Genting subsidiary Genting Power China Ltd will buy a 73.8 percent stake in Meizhou Wan power plant from global power firm InterGen for US$100 million, it said in a statement to the Malaysian bourse late yesterday.

Genting had bought a 26.2 percent stake in Meizhou Wan from Houston-based El Paso Corp. gas company in December.

Separately, Genting said it will pay US$55.3 million in cash for a 26.3 percent interest in Fujian Electric (Hong Kong) from China Pacific Electric Ltd.

The 724-megawatt coal-fired Meizhou Wan power plant sells power to the Fujian Provincial Electric Power Bureau under a long-term power purchase agreement which expires in 2025.

Regional power player

"Our interests in seven power plants in China, India and Malaysia (with a total net attributable capacity of close to 1,500 megawatts), will be the platform for us to grow our presence as a strong regional power player in Asia," Genting's group chairperson Lim Kok Thay (left)said.

Malaysia's sole casino operator, Genting is controlled by the family of tycoon Lim Goh Tong. It also runs a gamut of businesses ranging from power to properties in Malaysia.

Its crown jewel is a hilltop casino resort in central Pahang state which attracts more than 15 million visitors each year.

It also owns stakes in power-related assets in India.