KUALA LUMPUR (April 15): Genting Hong Kong Ltd warned that The Stock Exchange of Hong Kong Ltd will delist the cruise operator from the bourse if Genting Hong Kong, which is contending with the impact of Covid-19 pandemic-driven movement restrictions, fails to remedy issues causing its share trade suspension, fully comply with the bourse’s listing rules and resume trading in the company’s shares by July 17, 2023.
In a statement on The Stock Exchange of Hong Kong’s website on Thursday (April 14), Genting Hong Kong, whose share trade has been suspended since Jan 18, 2022, said that under Rule 6.01A(1) of the Hong Kong bourse’s listing rules, the stock exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months.
"In the case of the company, the 18-month period shall expire on July 17, 2023. If the company fails to remedy the issues causing the trading suspension, fully comply with the listing rules to the stock exchange’s satisfaction and resume trading in the shares of the company by July 17, 2023, the listing division of the stock exchange will recommend the listing committee of the stock exchange to proceed with the cancellation of the company’s listing.
"Under Rules 6.01 and 6.10 of the listing rules, the stock exchange also has the right to impose a shorter specific remedial period, where appropriate,” Genting Hong Kong said.
Genting Hong Kong said further announcements will be made by the company to provide updates on its share-trade resumption progress as and when appropriate.
"Application was made to the stock exchange for the suspension of trading in the shares of the company with effect from 9:00am on Jan 18, 2022 and will remain suspended until further notice,” Genting Hong Kong said.
Genting Hong Kong’s joint provisional liquidators Edward Simon Middleton, Tiffany Wong Wing Sze and Edward Alexander Niles Whittaker had prepared the bourse filing on behalf of Genting Hong Kong, which is contending with the impact of movement restrictions due to the Covid-19 pandemic which began in early 2020.
According to Genting Hong Kong’s filing, Middleton and Wong are from Alvarez & Marsal Asia Ltd while Whittaker is from R&H Services Ltd.
Genting Hong Kong said the joint provisional liquidators’ appointment is for its "restructuring purposes only".
"The joint provisional liquidators of the company are taking steps to ascertain the financial conditions of the company and the group, including Dream Cruises.
"The joint provisional liquidators are also liaising with the relevant stakeholders and parties to identify potential remedial plans,” Genting Hong Kong said.