KUALA LUMPUR: Malaysian tycoon Tan Sri Lim Kok Thay has pledged nearly his entire stake in embattled cruise operator Genting Hong Kong Ltd. as collateral for loans, raising the risk of a margin call after the stock plunged 38% on Thursday.
The record selloff came after the company said it suspended all payments to creditors in a bid to maintain its critical services. The stock has now lost almost two-thirds of its value since December, and that’s only part of Lim’s sinking empire amid the Covid-19 crisis.
Already a subscriber? Log in
5.5 PAYDAY OFFER: 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
