Cruise operator Genting Hong Kong has sold Zouk Group to Malaysian firm Tulipa for SG$14 million, according to a filing on Hong Kong Exchange (HKEX). Tulipa is owned by Lim Keong Hui, who is the son of Genting Group chairman Lim Kok Thay. The scion resigned from his role as executive director and deputy CEO of Genting Hong Kong on 28 August, another HKEX filing said.
According to the HKEX filing, the COVID-19 pandemic has caused an "acute disruption" to businesses worldwide and led the cruise and tourism industry to a sudden halt since February 2020. At the onset of the COVID-19 pandemic, the Group said it took swift countermeasures to aggressively minimise expenses and conserve cash to lower its cash burn rate.
"We continue our efforts to conserve cash and to seek additional sources of finance, including disposal of non-core assets and investments, to sustain our business pending resumption of cruise operations," the filing said. It added that the sale of Zouk Group will enable Genting Hong Kong to offload non-core assets and investment and offer liquidity to the Group.
Genting Hong Kong bought Zouk Group in October 2015, acquiring its major trademarks along with the Zouk Club in Singapore's Clarke Quay. Genting Hong Kong was also responsible responsible for operating the annual ZoukOut dance music festival. The sale in 2015 excluded Zouk Kuala Lumpur. Zouk Group was launched in 1991 and engages in the operation of discotheque, restaurant and lounge. Among its list of assets also includes burger joint Five Guys at Singapore's Plaza Singapura.
Zouk drops its own branded bottle cocktail line to drive eCommerce biz
STB and Zouk spice up virtual party collabs with interactive AR filters
Zouk SG brings clubbing virtual as entertainment ban gets enforced
Zouk pushes lifestyle positioning bringing burger joint FIVE GUYS to SG