Genting HK Sells Zouk Club Group To Ex Deputy CEO

Genting HK sells Zouk Club Group to ex deputy CEO. Financially-pressured casino cruise ship operator Genting Hong Kong Ltd  is selling nightclub and restaurant operator Zouk Group to Lim Keong Hui, ex deputy CEO of Genting HK.

The sale would result in a gain of about HKD6.7 million (US$864,542) for the cruise enterprise, given the HKD72.6-million net asset value of the Zouk Group. On Friday, Genting Hong Kong announced a first-half net loss of more than US$742 million.

The Tuesday filing said the total valuation at the disposal of the Zouk Group could go up or down, depending on whether subsequent information showed that as of August 31 the cash balance of the Zouk Group was above or below SGD5.65 million. This coming Friday (September 4) the deal is expected to be completed.

The disposal involves the entire issued share capital of Zouk Consulting Pte Ltd, a company incorporated in Singapore and a wholly-owned subsidiary of Glitter Lane Ltd, a British Virgin Islands entity wholly-owned by Genting Hong Kong.

Zouk Group will be acquired by Tulipa Ltd, an Isle of Man firm directly- and wholly-owned by Mr Lim Keong Hui.

[image: Zouk Group]

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