Financially-pressured casino cruise ship operator Genting Hong Kong Ltd says it is selling nightclub and restaurant operator Zouk Group to an offspring of the Genting brand’s Malaysian patriarch, Lim Kok Thay, for SGD14.0 million (US$10.3 million).
Genting Hong Kong said the sale to Lim Keong Hui – who on Friday stepped down as an executive director and deputy chief executive at the cruise firm – would result in a gain of about HKD6.7 million (US$864,542) for the cruise enterprise, given the HKD72.6-million net asset value of the Zouk Group.
The total consideration in the Zouk Group disposal could go up or down, depending on whether subsequent information showed Zouk Group’s cash balance to have been above or below SGD5.65 million as of August 31.
The deal is due to be completed on last Friday (September 4).
The announcement showed that Zouk Group’s loss after taxation had ballooned from nearly HKD3.4 million in calendar year 2018, to HKD11.6 million in 2019; and HKD79.6 million for the first seven months of this year.
The disposal involves the entire issued share capital of Zouk Consulting Pte Ltd, a company incorporated in Singapore and a wholly-owned subsidiary of Glitter Lane Ltd, a British Virgin Islands entity wholly-owned by Genting Hong Kong.
Zouk is a nightclub in Singapore, Kuala Lumpur and Genting Highlands. The club is named after a French creole word for ‘party’. It has won the Singapore Tourism Board’s “Best Nightspot Experience” award 6 times, between 1996 and 2007.
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