kobayashiGT Internal Moderator September 2, 2020 Share September 2, 2020 Genting HK sells Zouk to Lim scion for $14 million source: https://www.theedgesingapore.com/news/corporate-moves/genting-hk-sells-zouk-lim-scion-14-million?utm_source=WeekdayEDM&utm_medium=email&utm_campaign=FREE&vgo_ee=4%2B5Oes1dTlYS7lzaRbx5XQA3SuMkJhmkGexv49sZvNU%3D Lim Keong Hui, son of Genting group boss Lim Kok Thay, has bought over the Zouk Group from Genting Hong Kong for $14 million, or HK$79.3 million. Genting HK, whose main business is in operating cruise ships, will book a gain of HK$6.7 million from the sale. Hong Kong-listed Genting HK bought Zouk from its founder Lincoln Cheng back in 2015 for an undisclosed sum. The sale was announced by Genting HK on Sept 1. On Aug 28, Keong Hui resigned as executive director and deputy CEO of Genting HK, in order to “devote more time to other business commitments”. Keong Hui holds other key appointments with other Genting companies, except Genting Singapore. Zouk Group, which runs clubs and F&B outlets, has been in the red for more than two years. For the year ended Dec 31 2018, it lost HK$3.35 million, and losses widened to HK$11.6 million the following year. For the first seven months this year, when the iconic disco in Singapore was forced to turn into a eating place instead of a dancing club, losses hit HK$79.6 million. According to Zouk’s website, there are plans to expand to Las Vegas. Hit by the pandemic, Genting HK, which has some US$3.4 billion in liabilities, is trying to renegotiate debt with creditors. Quote hope they can survive this pandemic. One of Singapore pride. ↡ Advertisement 2 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear September 2, 2020 Share September 2, 2020 More like Malaysia's pride now. 1 Link to post Share on other sites More sharing options...
Staff69 Hypersonic September 2, 2020 Share September 2, 2020 no more outlet for chilling 😢 ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Malaysia: Directions to Genting
Malaysia: Directions to Genting
6 dead in Genting Highlands accident
6 dead in Genting Highlands accident
Landslide hits Malaysia campsite off Genting Highlands, 50 people feared buried
Landslide hits Malaysia campsite off Genting Highlands, 50 people feared buried
Singapore FK8 Type R stolen @ Genting Highlands
Singapore FK8 Type R stolen @ Genting Highlands
Going Genting on 15th Mar and back on 17th
Going Genting on 15th Mar and back on 17th
Racing up Ulu Yam/Genting – why do we still do this?
Racing up Ulu Yam/Genting – why do we still do this?
Family friendly Genting Highland vacation >non-gambling trip
Family friendly Genting Highland vacation >non-gambling trip