Genting Hong Kong Ltd is set to delist from its secondary listing on the Singapore Exchange (SGX) in order to return to a single primary listing on the Hong Kong Stock Exchange (HKSE).
In an announcement late Tuesday, Genting Hong Kong said the move was a result of its intention to focus efforts and resources on its cruise ship business in Asia and particularly North Asia, adding that it has undertaken “various initiatives to meet the growing demands of the Chinese market.”
“As a result, the company believes that it is desirous to increase the visibility of the company among the North Asian investors and envisages that maintaining a single primary listing on the main board of the HKSE, which will potentially increase the trading of the company’s shares on the HKSE, will enhance the company’s profile to North Asian investors.”
Genting Hong Kong added that delisting from the SGX will also reduce overhead costs and increase the liquidity of such shares on the HKSE. It pointed out that it had not carried out any fund raising activities in Singapore in the last six years. The SGX has confirmed it has no objection to the delisting.
The announcement comes at a crucial time for Genting Hong Kong, which is in the midst of launching a number of new products related to its cruise ship business.
They include the company’s luxury Boeing 777 private jet, Crystal Skye, which launched its first Asian flight on 1 October out of Hong Kong, and World Dream – Genting Hong Kong’s new Asia-based cruise ship which will arrive at its home port in Hong Kong on 17 November.
