KUALA LUMPUR (BLOOMBERG) - Malaysian tycoon Lim Kok Thay has pledged nearly his entire stake in embattled cruise operator Genting Hong Kong as collateral for loans, raising the risk of a margin call after the stock plunged 38 per cent on Thursday (Aug 20).. Read more at straitstimes.com.
KUALA LUMPUR - Malaysian tycoon Lim Kok Thay has pledged nearly his entire stake in embattled cruise operator Genting Hong Kong as collateral for loans, raising the risk of a margin call after the stock plunged 38 per cent on Thursday .
Mr Lim's fortune is now valued at about US$700 million excluding pledged shares, down from US$1.5 billion at the beginning of the year, according to Bloomberg Billionaires Index. A representative for the family's holding company didn't immediately respond to requests for comment. Pledging shares is not unusual, especially in Asia, where high-growth companies are more common and tycoons often turn to lenders and other financial-services firms that offer cash in exchange for committed stock. Tesla's Elon Musk, SoftBank Group's Masa Son and Oracle's Larry Ellison have also relied on the practice to get loans, which are typically a fraction of the value of the pledge.
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