CEO Morning Brief

Genting Hong Kong to Sell Star Cruises Jetty

Publish date: Thu, 30 Jun 2022, 12:31 PM
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TheEdge CEO Morning Brief

PETALING JAYA (June 29): Genting Hong Kong Ltd has disclosed the plan to dispose of Star Cruises Jetty in Langkawi, Kedah as part of the company’s restructuring plan.

Due to the direct impact of the lockdown and its disastrous impact on the hard battered hospitality and leisure cruise industry, the Hong Kong-listed company is currently under restructuring. According to a press statement Wednesday (June 29), it has put the asset in the market for sale via an international expression of interest undertaken by marketing agent Nawawi Tie Leung, in collaboration with their counterparts Hilco Global Ltd of Hong Kong and Edmund Tai (SEA) Singapore.

“With the opening up of cross border restrictions and the recovery of the cruise and tourism industry, we expect that there will be keen interests from regional industry players, as well as niche infrastructure funds that would be looking at this rare opportunity to acquire such an asset. The owning entity had a net operating income pre-Covid from berthing levies,” Nawawi Tie Leung executive director Brian Koh said.

He also noted that Resort World Cruises, a new brand, has been recently formed and has commenced operation with its first sailing from July 1, 2022 and this will augur well for the demand for such assets.

Star Cruises Jetty has been a core port of call for the various international cruises plying the Singapore/Phuket route and the wider region. It also plays host to the maritime portion of the biannual Langkawi International Maritime and Aerospace Exhibition (LIMA).

It can host the largest cruise ships up to mega class vessels with a berth length of 178m. Some of the cruise operators calling here include Royal Caribbean, Costa Cruises, TUI, Princess Cruises, Silversea, Norwegian Cruise line, Cunard and Holland America Line, amongst others.

Source: TheEdge - 30 Jun 2022

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