Chairman Lim Backs GENHK With $8M Stake In Yacht Biz

A petíció címzettje: Committee on Petitions (Petitionsausschuß)

Lim Kok-Tay, chairman of Malaysia's Genting Group, will buy shares in the sale of Grand Banks Yacht Ltd., a Singapore-listed company with luxury yacht manufacturing and sales operations around the world, to adjust the balance sheet of casino cruise ship operator Genting Hong Kong Inc. to S$10.6 million ($7.9 million).

Mr Lim is the chairman and chief executive officer of Genting Hong Kong and a substantial shareholder of the company. Genting Hong said the proceeds from the disposal will be used as the working capital of the group.

The disposal, equivalent to a 26.8% stake in Grand Banks Yacht, which is all held by the seller, will take place within three days of Wednesday's settlement, or "mutually agreed between buyers and sellers," Genting Hong Kong said in a filing with the Hong Kong exchange.

The seller is Exa Ltd, an Isle of Man company and an indirect, wholly owned subsidiary of Genting Hong Kong. Genting Hong Kong said the total price of the transaction was "paid in cash at full payment".

"Since February 2020, we have caused severe disruption to businesses around the world and brought the cruise and tourism industries to a sudden halt," Genting Hong Kong explained, while the move "will allow the group to offload non-core assets and investments and provide the group with the necessary liquidity.

Genting Hong Kong said in a March 12 filing it expects an unaudited loss of at least $1.5 billion, compared with a loss of $159 million for the year to Dec. 31, 2020.

BY: 카지노