Genting Hong Kong Ltd’s joint provisional liquidators have approved the disposal of Star Market Holdings to Lim Kok Thay’s Resorts World Cruises.
Hong Kong.- Resorts World Cruises Pte Ltd, the company launched by Genting Hong Kong founder Lim Kok Thay in April, has purchased Star Market Holdings, the owner of Genting Hong Kong’s cruise trademarks. It wil pay US$3.5m.
Genting HK expects to record a gain of approximately US$3.3m upon completion, which represents the net recovery after using part of the consideration to settle costs and expenses. After completion of the disposal, Star Market will cease to be an indirect wholly-owned subsidiary of Genting Hong Kong.
Genting Hong Kong had a three-brand cruise portfolio with focuses on different market segments: Star Cruises,Crystal Cruises and Dream Cruises.
In its statement, Genting Hong Kong said: “The disposal is driven by a commercial objective to consolidate the ownership of such trademarks and intellectual property rights and to realise an asset of the group for the benefit of its creditors.
“At the same time, it generates a considerable recovery to the group without compromising the group’s right to use such trademark and intellectual property rights in accordance with the terms of the Licence Agreement.”
Resorts World Cruises 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.