Genting HK share trading to remain suspended

Genting HK share trading to remain suspended

The company’s winding up has been ordered by the Bermuda Court.

Hong Kong.- Genting Hong Kong’s joint provisional liquidators have announced that the company’s share trading on the Hong Kong Stock Exchange will remain suspended until further notice.

Genting Hong Kong stated through a company filing: “At the present time, the JPLs do not intend to submit a resumption proposal due to, among other things, the winding-up of the company (Genting HK) and Dream Cruises.”

A week ago, the company announced that its winding up had been ordered by the Bermuda Court. The announcement also mentioned Dream Cruises Holding Ltd, an indirect non-wholly-owned subsidiary of the company. 

In January, Genting filed for liquidation after a German court rejected a request to release US$88m for its shipyard unit MV Werften. In July, the cruise ship operator reported that various non-core subsidiaries had entered into insolvency proceedings in the relevant jurisdictions, including Australia, Hong Kong, Malaysia, Singapore and the United States.

Currently, the group does not operate any cruises, and it stated that it will not be able to resume such operations in the future. The company also revealed that some of the group’s secured creditors “have taken enforcement actions over substantially all of the vessel assets of the group.”

In September, Resorts World Cruises Pte Ltd, the company launched by Genting Hong Kong founder Lim Kok Thay in April, purchased Star Market Holdings, the owner of Genting Hong Kong’s cruise trademarks. The company made its debut in June with a series of short cruises departing from the Marina Bay Cruise Center in Singapore. The company rehired about 1,600 people for the cruise business including about 70 of its 100 former sales and marketing staff. 

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Genting Hong Kong