Failed Casino Cruise Business Jointly liquidators of Genting Hong Kong Limited recently approved the disposal of the trademark linked to the group to Resort World Inc Pte Ltd, a Singapore-registered casino cruise business founded by Malaysian entrepreneur Lim Kok Thay, founder of Genting Hong Kong.
The consideration involved is US$3.5 million, and the net profit on Genting Hong Kong after the cost is US$3.3 million. The transaction is for shares of a British Virgin Islands company called Star Market Holdings, Inc. The seller is Star Cruise Asia Holdings, Inc., a subsidiary of Genting Hong Kong.
Genting Hong Kong, part of the Malaysia-based Genting Group, has developed a portfolio of three brands focused on different market segments, including operating “Crystal Cruise” and “Dream Cruise” brands in addition to “Star Cruise.”
Resorts World Inc is indirectly owned by Lim, who resigned as chairman and chief executive of Genting Hong Kong in January, and indirectly by Malaysian conglomerate Genting Bhd, in which Lim “has more than 30% direct and/or deemed equity,” the filing states.
According to the filing, Starmarket owns certain trademarks and intellectual property rights in collaboration with an affiliate of Resorts World Inc.
“The disposition is driven by commercial purposes to consolidate ownership of these trademarks and intellectual property rights and to realize the group’s assets for the benefit of creditors,” Genting Hong Kong said.
It added, “At the same time, it brings a significant recovery to the group without compromising the group’s rights to use such trademarks and intellectual property rights.” Under the agreement, Starmarket will grant Genting Hong Kong “the right to use certain trademarks currently in use” for a nominal payment of GBP1 (US$1.15).
In January, Genting Hong Kong said insolvency at its controlled German shipbuilding company would “trigger cross-debt incidents under certain financing arrangements of the group,” comprising a total of just over $2.77 billion.
A filing with the Hong Kong Stock Exchange in August said Genting Hong Kong’s joint provisional liquidators were considering an “offer from potential buyers” for the company’s stake in the Newport World Resort casino complex in the Philippine capital Manila.
BY: 릴게임