Genting Hong Kong to be delisted on May 16, says exchange

May 12, 2023 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck  

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The Stock Exchange of Hong Kong Ltd has announced on Thursday that with effect from May 16, the listing of the shares of bankrupted Genting Hong Kong Ltd in that bourse will be cancelled.

Trading in Genting Hong Kong’s shares had been suspended since January 18, 2022.

Before its bankruptcy, Genting Hong Kong was as investor in the Resorts World Manila casino complex – now re-named Newport World Resorts – located in the Philippine capital, Manila.

The operator of the Hong Kong bourse said in a filing that Genting Hong Kong’s liquidators had confirmed that the company had ceased “substantially” all its business operations and “was not expected to be able to develop any plan to address its insolvency and resume business operations”.

It added: “The company’s liquidators did not have any plan to meet all other resumption guidance and requested the exchange to exercise its discretion to delist the company immediately.”

The joint provisional liquidators appointed for Genting Hong Kong had stated in October last year they had no intention to submit a proposal for the company’s shares to be returned to trading on the Hong Kong Stock Exchange.

That followed a Bermuda court ordering, also in October 2022, the winding up of Genting Hong Kong and its unit Dream Cruises Holding Ltd.

Genting Hong Kong entered liquidation in January 2022. The event was triggered by the insolvency of a German shipbuilding company it controlled, which in turn triggered cross default events related to financing arrangements of the group, comprising an aggregate principal amount of just over US$2.77 billion.

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