KUALA LUMPUR (April 3): Genting Malaysia Bhd's shares rose 2.8% this morning following its agreement to purchase the controversial luxury yacht "The Equanimity" for US$126 million.

At 11:43am, Genting Malaysia was up 9 sen to RM3.26 with 2.27 million shares traded.

The sale was formalised today by High Court judicial commissioner Khadijah Idris, who allowed the amended request by 1Malaysia Development Bhd (1MDB) and its subsidiaries 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd along with Malaysian government as the beneficiary.

Earlier today, Lawyer Sitpah Selvaratnam told the court that this was the best offer received to date to the reserve price of US$130 million.

Attorney General Tommy Thomas highlighted that the sale of the vessel is historic by any measure.

"It records a high water mark for our judicial system in ensuring market value is secured for a vessel sold through the court process without any discount," he said in the statement.