Asian gambling group Genting Hong Kong (Genting HK) has informed that it will move to delist from the Singapore Stock Exchange (SGX), where it currently holds its secondary corporate listing.
The leisure, travel and gambling operator, states that its Singapore delisting will help the firm consolidate its primary placement on the Hong Kong Stock Exchange. Moving forward the company will focus tapping further Chinese investors.
The decision to drop its Singapore listing reverses Genting HK’s 2014 strategy to seek investment within Southeast Asia.
Updating corporate stakeholders, Genting HK CEO Lim Kok Thay stated that his firm needed a larger concentrated liquidity within Hong Kong in order to fund long-term corporate growth initiatives.
“Genting Hong Kong is committed to the growth of the Asian cruise market. As we continue to expand our product offering and services to meet the growing demands of the Chinese market, the company aims to focus our resources on our business operations and streamline its compliance obligations,” Thay detailed.
Focusing on its Chinese verticals, This September Genting HK detailed that it plans to sell its Maxim UK Casino Club property in London’s Kensington area. The gambling firm is reported to want a minimum of £40 million for its ‘high-end’ property.