Malaysian tycoon Lim Kok Thay has pledged nearly his entire stake in embattled cruise operator Genting Hong Kong Ltd. as collateral for loans.
-- Malaysian tycoon 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.
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 respond to requests for comment. “Many companies hit a bump in the road causing a sudden decline in stock price,” Melbinger said. “That happens. However, when this bump causes the most significant shareholder and director of the company to have to sell shares, or a margin call automatically triggers the selling, the problem becomes much, much worse.”
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