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GENTING Hong Kong Ltd (Genting HK) is involved in a legal tussle with the German government. It isn’t about a casino licence in Deutschland but a shipyard in Germany’s northeast state of Mecklenburg-Vorpommern an investment that Tan Sri Lim Kok Thay made in 2015. The rationale for the US$35 million-plus investment was to have a vertical integration, meaning owning a shipyard that could build cruise ships for Genting HK’s cruise operations.
The purchaser of a 50-percent stake in a Genting Hong Kong Ltd subsidiary involved in developing a waterfront hotel scheme in Macau (pictured in a file photo), has the option to buy the remaining 50 percent in the subsidiary, at any time up to December 1, 2021.
That is according to a Thursday filing from Genting Hong Kong, an operator of casino cruise ships.
If the purchaser does not exercise the call option, Genting Hong Kong can then exercise a put option to require the purchaser to acquire the remaining 50 percent in the subsidiary. Such put option may be exercised during the period from December 2, 2021 to December 1, 2022.
January 29, 2021
The Genting Hong Kong Limited cruise ship subsidiary of Asian casino giant Genting Malaysia Berhad has reportedly announced that it will likely look to sell off the remaining interest it holds in a subordinate currently developing a new waterfront hotel in Macau.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm last year disposed of a 50% stake in its Genting Macau enterprise, which is in the process of building a 21-story hotel on a two-acre parcel of reclaimed land in the Nam Van district of Macau. The source detailed that this venue is set to open in 2022 and earlier disclosed that it may take part in the former Portuguese enclave’s upcoming casino licensing process so as to be able to feature a gambling component.