{"id":16220,"date":"2021-03-25T15:16:52","date_gmt":"2021-03-25T15:16:52","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16220"},"modified":"2026-04-23T20:50:10","modified_gmt":"2026-04-23T23:50:10","slug":"genting-chairman-buys-stake-in-yacht-business","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-chairman-buys-stake-in-yacht-business","title":{"rendered":"Genting chairman buys stake in yacht business"},"content":{"rendered":"\n

Genting Group’s chairman has bought out Genting Hong Kong’s shares in Grand Banks Yachts to provide required liquidity to the company, which has been severely affected by the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- The chairman of Genting group, Lim Kok Thay, has purchased a 24.68 per cent stake (US$7.9m) in Grand Banks Yachts<\/strong>, a Singapore-listed firm that manufactures and sells luxury yachts worldwide.<\/p>\n\n\n\n

Lim Kok Thay has bought Genting Hong Kong’s stake in the yacht company to “enable the group to offload non-core assets<\/strong> and investment and provide required liquidity<\/strong>.”\u00a0<\/p>\n\n\n\n

Genting group\u00a0<\/strong>is facing financial problems as a result of the Covid-19 pandemic<\/strong>, which brought the cruise and tourism industry to a sudden halt in February 2020.<\/p>\n\n\n\n

The company stated: “We continue our efforts to conserve cash and to seek additional sources of finance<\/strong>, including disposal of non-core assets and investments, to sustain our business working on partial resumption of cruise operations.”<\/p>\n\n\n\n

Last year the company signed an agreement to sell a stake in its Macau hotel to increase liquidity<\/a><\/em> and in August 2020, Genting Hong Kong decided to temporarily suspend all payments to financial creditors<\/a><\/em>.<\/p>\n\n\n\n

Genting Hong Kong <\/strong>has recently announced it expects to post a consolidated operating loss of US$600m<\/a><\/em> and a consolidated net loss of no less than US$1.5bn<\/strong> for the year ending December 31 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Group’s chairman has bought out Genting Hong Kong’s shares in Grand Banks Yachts to provide required liquidity to the company, which has been severely affected by the Covid-19 pandemic.<\/p>\n","protected":false},"author":176,"featured_media":16222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Group's chairman, Lim Kok Thay, has personally acquired Genting Hong Kong's 24.68% stake in Grand Banks Yachts for US$7.9 million. This strategic divestment aims to provide critical liquidity to Genting Hong Kong, which is facing severe financial distress due to the COVID-19 pandemic's impact on its cruise and tourism operations. The company anticipates significant operating and net losses for 2020 and has previously suspended payments to financial creditors.","focusai_entities":"Genting Group, Genting Hong Kong, Lim Kok Thay, Grand Banks Yachts","focusai_location":"Hong Kong, Singapore, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting HK Liquidity Outlook?","query":"What is the projected long-term impact of this non-core asset divestment on Genting Hong Kong's balance sheet and its ability to service its remaining debt obligations, particularly given the ongoing challenges in the cruise sector?"},{"label":"Governance Implications?","query":"How does this personal intervention by Chairman Lim Kok Thay, involving the acquisition of a subsidiary's asset, affect corporate governance perceptions and the Genting Group's broader capital raising strategy in the public markets?"}],"footnotes":""},"categories":[16338,163],"tags":[1076,23716],"class_list":["post-16220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-genting","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16220"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16220\/revisions"}],"predecessor-version":[{"id":16256,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16220\/revisions\/16256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16222"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}