SHARES of Lim Kok Thay's Genting Bhd fell on Friday, adding pressure on the Malaysian tycoon to shore up a cruise ship operator whose debt woes have rattled investor confidence in the South-east Asian conglomerate. Read more at The Business Times.
In an industry battered by travel curbs across the globe, the company operates the Star Cruises, Dream Cruises and Crystal Cruises lines.SHARES of Lim Kok Thay's Genting Bhd fell on Friday, adding pressure on the Malaysian tycoon to shore up a cruise ship operator whose debt woes have rattled investor confidence in the South-east Asian conglomerate.
Genting Bhd's stock was down 4.5 per cent as at 12.59pm in Kuala Lumpur, set for its biggest drop in more than two months. Malaysian markets were shut for a holiday on Thursday, when shares of cruise operator Genting Hong Kong plunged by a record 38 per cent. That was after the Hong Kong-listed company announced late on Wednesday that it would suspend all payments to creditors.
The hospitality, gambling, palm oil and energy conglomerate has embarked on pay cuts and workforce reductions as the coronavirus pandemic halted demand for cruises, while national movement restrictions kept people out of casinos and resorts. The Hong Kong cruise firm is linked to Genting Bhd through its chairman Mr Lim, who owned 69 per cent of the Hong Kong unit's shares as of April 3.
"The likelihood of other units being asked to help out Genting Hong Kong is low as each listed entity is closely regulated by its respective regulator," said Tushar Mohata, head of research at Nomura Malaysia. Investor concern about the effects on other companies in the group will remain because of the Covid-19 pandemic and a history of related-party transactions in the group, he added.
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