Star Cruises, HK firms team up

Star Cruises Ltd has formed a venture with two Hong Kong-based companies seeking to develop a second terminal for ocean-sailing liners in the territory. 

Star Cruises and VXL Capital Ltd, a financial services company, would each own 30% of the venture, while closely held property developer Nan Fung Development Ltd would take 40%, VXL said in a statement. 

VXL chairman Lim Chee Wah is the younger brother of Lim Kok Thay, chairman of Star Cruises. 

The three companies will submit an expression of interest to the Hong Kong government to build new facilities in one of the world’s most famous harbours to cater to the record 11 million people who may take holidays on ocean liners this year. 

Hong Kong-based Star Cruises has a fleet of 22 ships and sails to 200 global destinations. 

“It is the intention of the joint-venture parties to submit a tender to compete for the project,” the VXL statement said. “The Hong Kong government may go ahead with the cruise terminal development through a competitive bidding process.” 

Genting Bhd owned 0.3% of Star Cruises as of Nov 11 and held a further 36% in the cruise holiday operator through Resorts World Bhd. 

Star Cruises, VXL and Nan Fung would lend a combined HK$10mil to the venture company, the statement said. – Bloomberg  

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