GGRAsia – GEN HK targets April 17 exit from Singapore Exchange

GEN HK targets April 17 exit from Singapore Exchange

Nov 14, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino and casino cruise ship investor Genting Hong Kong Ltd said on Monday that it is aiming to “delist” its shares from the main board of the Singapore Exchange on April 17, 2018. The company said stockholders wishing to continue to trade its Singapore-registered shares via the Hong Kong Stock Exchange have until March 29, 2018 to transfer them to Hong Kong’s Central Clearing and Settlement System.

“Shareholders’ voting rights and entitlement to dividends will not be affected by the delisting,” said the company in Monday’s filing.

The firm stated that the last day for trading of its shares on the Singapore Exchange would be April 10, with trading there being suspended at 9am the following day.

Genting Hong Kong had said the reason for the delisting in Singapore is to allow the firm “to focus its efforts and resources on its core business activities relating to the operation of cruise ships in Asia (in particular, North Asia)”.

“The company believes that it is desirous to increase the visibility of the company among the North Asian investors and envisages that maintaining a single primary listing on the main board of the Hong Kong Stock Exchange… will enhance the company’s profile to North Asian investors,” the firm said last month when it announced the intention to delist from the Singapore Exchange.

Genting Hong Kong – a subsidiary of Malaysian conglomerate Genting Bhd – has been accelerating expansion plans for its cruise business and has developed a three-brand portfolio of cruise lines serving different parts of the market: Crystal Cruises for what it terms the ultra-luxury segment; Dream Cruises for what it describes as the premium segment; and Star Cruises for what it defines as the “contemporary” segment.