Genting Hong Kong, controlled by Malaysian tycoon Lim Kok Thay suspended all payments to creditors, triggering a 36% drop in its HK-listed shares. YahooFinance
-- A cruise ship operator controlled by Malaysian tycoon Lim Kok Thay suspended all payments to creditors, triggering a 36% drop in the company’s shares and denting investor confidence in Lim’s wider business empire.
The firm blamed the cash crunch on the coronavirus pandemic and said the payment halt will likely result in default. Lim owned 69% of the Hong Kong unit’s shares as of April 3, according to data compiled by Bloomberg. Malaysia’s casino-to-hospitality conglomerate Genting Bhd. and its units previously imposed its first group-wide salary cut since its founding in 1965.
Genting Hong Kong shares were down 35% at 11:32 a.m. local time, after falling a record 36%. Genting Bhd. shares were untraded due to a holiday in Malaysia. Genting Singapore Ltd. fell 2.1%. Genting Hong Kong was formerly known as Star Cruises, and operates the Star Cruises, Dream Cruises and Crystal Cruises lines. Back in February, passengers on the World Dream vessel were quarantined in Hong Kong after positive coronavirus cases were found on the ship.
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