PETALING JAYA: Genting Hong Kong Ltd, which has sought a voluntary delisting from the Main Board of Singapore Stock Exchange (SGX), has received the nod from SGX.
The exchange has no objection to its proposal, subject to certain conditions.
In a filing with the SGX, Genting Hong Kong said the the delisting was because it intended to focus on its core activities relating to the operation of cruise ships in Asia (in particular, North Asia), and has undertaken various initiatives to meet the growing demands of the Chinese market.
“The company believes that it is desirous to increase its visibility among the North-Asian investors and envisages that maintaining a single primary listing on the Main Board of the Stock Exchange of Hong Kong Ltd (HKSE) will potentially increase the trading of its shares on the HKSE and enhance its profile to North-Asian investors.”
Genting Hong Kong explained that by virtue of having a secondary listing on the SGX, the company is required to comply with the requirements set out in the listing manual of the SGX, apart from also complying with listing rules of the HKSE.
Genting Hong Kong believes that the proposed delisting will eliminate the additional administrative overhead and costs of compliance associated with such SGX requirements.
It also allows the company to streamline its compliance obligations, reduce its legal and compliance costs, and focus its resources on its business operations.
“In this regard, the company is expanding its product offering and strengthening its capability to construct cruise ships, and believes that the proposed delisting will allow the management to devote its attention and resources to ensure the smooth integration of the foregoing,” it said.