Lim Kok Thay steps down as chairman, CEO of Genting HK


KUALA LUMPUR: Tan Sri Lim Kok Thay has resigned as the chairman and CEO of Genting Hong Kong, days after the cruise operator said it would wind up its business after failing to secure funding to pay off its debts.

In a Hong Kong Stock Exchange filing, the company announced that Lim had stepped down from his posts, effective Jan 21, 2022.

Concomitantly, Au Fook Yew resigned as the deputy CEO, group and president and executive director of the company.

"Each of Tan Sri Lim Kok Thay and Mr. Au Fook Yew has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company," said the filing.

It added that the company will attempt to identify suitable candidates to fill the vacancies on the board as soon as practicable as the company is in breach of the stock exchange requirements following the resignations.

In Jan 19, 2022, filing, Genting Hong Kong filed to wind up after failing to secure funding to pay its debts and had "exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements".

It added the company had no access to further liquidity under its debt documents and available cash balances are expected to run out around end-January 2022, according to its cashflow forecasts.

"Certain business activities of the Group, including but not limited to the operations of cruise lines by Dream Cruises Holding Limited, shall continue in order to preserve and protect the core assets and maintain the value of the Group; however it is anticipated that majority of the Group’s existing operations will cease to operate," it said.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Lim Kok Thay , Genting , Hong Kong

   

Next In Business News

Strong economic fundamentals, prudent management to contribute to stronger ringgit
Matrix Concepts announces preview of latest Melbourne project
Poor skinny kid from Malaysia makes it really big
Brent could push past US$150/bbl if Russian oil exports shrink, BofA says
Indonesia to allocate about 1 million tonnes of palm oil for export
UK equities record best week since mid-March
Oil settles up ahead of US driving season
World stock markets rally, treasury yields fall on inflation data
Wall St Week Ahead-Stock rally fanned by hopes of Fed 'past peak hawkishness'
Embracing sustainability

Others Also Read