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SINGAPORE – Ailing cruise operator Genting Hong Kong has sold the Zouk Group, which operates the popular nightclub, for $14 million as part of efforts to offload non-core assets and generate liquidity for the cash-strapped firm.
Malaysian firm Tulipa is buying the Singapore-based group, according to a filing on the Hong Kong Exchange on Tuesday (Sept 1) night.
Tulipa is owned by Mr Lim Keong Hui, the son of Genting Hong Kong’s controlling shareholder.
Mr Lim resigned from the Genting Hong Kong board last week.
The cash sale is expected to result in a gain of about HK$6.7 million (S$1.2 million), which will be used as working capital, the filing said.
Concerns were raised over Genting’s finances in July after it disclosed that it had suspended all payments to creditors.
The firm said then that cash flow had been impacted by the coronavirus pandemic and funds would have to be channelled to services critical to the company’s operations.
Genting Hong Kong owns the Star, Dream and Crystal Cruises brands, operates shipyards and has a stake in Resorts World Manila.
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