Genting HK to sell Zuke Club Group to Imco Tyson

Financially squeezed casino cruise ship operator Zenting Hong Kong Inc Genting said it was selling nightclub and restaurant operator Zuc Group for S$14 million ($10.3 million) to the offspring of Zenting Brands' Malaysian patriarch, Lim Kok Thai.

Genting Hong Kong on Friday said the cruise company would benefit about HK$6.7 million ($864,542) given the Zuke Group's net worth of HK$72.6 million from the sale to Lim Kyung-hui, who stepped down as executive director and vice president of the cruise company. On Friday, Genting Hong Kong reported a first-half net loss of more than $742 million.

Tuesday's filing said total considerations for Juke Group disposal could increase or decrease depending on whether Juke Group's cash balance was S$5.65 million or less as of Aug. 31. The transaction is due to be completed this Friday (Sept. 4).

Zuke Group's post-tax losses surged to HK$11.6 million in 2019 from nearly HK$3.4 million in the calendar year of 2018, and to HK$79.6 million in the first seven months of the year, the release said.

The disposition includes all of the issued equity capital of Zouk Consulting Pte Ltd, a wholly owned subsidiary of Glitter Lane Ltd, a company incorporated in Singapore and a British Virgin Islands subsidiary in which Genting Hong Kong holds a 100% stake.

The buyer is Tulip Co., a man island company owned by Lim Kyung-hui and owned in full.

Genting Hong Kong said the cruise and tourism sectors had been "suddenly suspended since February 2020" due to the "catastrophic COVID-19 pandemic."

Zuke Group's disposal is part of an "effort to preserve cash and find additional sources of funding, including the disposal of non-core assets and investments, to sustain the business pending the resumption of cruise operations," it said.

Genting Hong Kong acquired assets including the Juke brand in 2015 and the Juke nightclub in Singapore (pictured).

BY: 파워볼사이트