Genting HK to divest ‘valuable but non-essential investments’ as part of Covid-19 mitigation plan

KUALA LUMPUR (May 24): Cruise ship operator Genting Hong Kong Ltd (GENT HK) has said it will have valuable but non-essential business investment in several initiatives to mitigate the impact of Covid-19.

In a filing on the Hong Kong Stock Exchange, GENT HK Chairman Tan Sri Lim Kok Thay said the divestments are in line with streamlining exercises undertaken by the group to focus on cruise-related activities, which will continue to grow. ” be the main contributor to the group’s operating results.

He said GENT HK was working closely with relevant governments and health authorities to establish a phased approach for a safe and responsible recovery to mitigate the risk of transmission on board cruise ships.

“As the travel industry shows early signs of recovery, supported by optimism around positive vaccine news, the group continues to navigate the current Covid-19 crisis in a very fluid environment in 2021 and into -of the.

“The group remains firm in its commitment to reassess its business, to develop prudent recovery plans through various cost optimization strategies to ensure business continuity,” said Lim.

With higher vaccination rates, the implementation of vaccine certification, enhanced security, health measures and the gradual reopening of borders, the group is cautiously optimistic that the cruise industry will return to normal. around 2023, according to Lim.

As noted in the company’s May 7, 2021 announcement, the company’s creditors, partners and other relevant stakeholders have provided their formal written consent (subject to final credit committee and other internal approval processes relevant to certain creditors and other stakeholders) as part of the term sheets which describe the key terms of a holistic, solvent transaction, modification and restatement of the group’s financial debt and the transaction. recapitalization.

“With the support of all parties concerned, we remain optimistic about the possibility of implementing a consensual holistic solvent restructuring proposal by the first half of 2021,” added the President.

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