Published on Thursday, September 3, 2020
Resort and cruise line operator Genting Hong Kong has offloaded nightclub and lifestyle brand Zouk.
The Singapore-based business has been sold to Malaysia's Tulipa for $10 million.
However it is staying in the family.
Tulipa is owned by Lim Keong Hui, who is the son of Genting Hong Kong's main shareholder.
The Zouk Group was acquired by Genting HK in 2015.
Genting HK reported a $742.6 million net loss for the first half of the year, mostly due to the pause in cruise ship operations.
Genting has debts of more than $3 billion and recently stopped paying creditors.
It said it is implementing new measures to give it a 'reasonable prospect' of meeting its financial obligations for the next year.
It also said it has already received interest for investment in one of its cruise brands.
Its cruise division operates Crystal Cruises, and Asia based brands Dream Cruises and Star Cruises.
Written by Ray Montgomery