Highlight Genting adds Zouk to portfolio

by **Cals** Thu 22 Oct 2015, 01:34

Highlight

[size=28]Genting adds Zouk to portfolio

By Chong Jin Hun / theedgemarkets.com | October 21, 2015 : 12:28 PM MYT

KUALA LUMPUR (Oct 21): Genting Hong Kong Ltd ([You must be registered and logged in to see this image.] Valuation: 3.00, Fundamental: 1.35) acquired Singapore-based night club operator Zouk, a move aimed at expanding the buyer's younger clientele.

In a statement today, Genting Hong Kong vice president for lifestyle and F&B concepts Andrew Li said under the terms of the agreement, Genting Hong Kong would buy Zouk's major trademarks and planned Zouk Club in Clarke Quay, Singapore.

Li said Zouk Club at Clarke Quay was scheduled for launch in the third quarter of 2016. The agreement, however, excludes Zouk Kuala Lumpur club at Jalan Tun Razak, according to him.

"Zouk is a brilliant example of a local Singapore brand that has not only achieved worldwide status and recognition in the global club scene, but has truly evolved into a subculture of its own for generations of trend-setters in Asia.

"As Genting Hong Kong continues to expand its reach in attracting a younger and more lifestyle driven clientele, we are confident that the addition of such an iconic institution will further complement and enhance the company's overall brands and offerings across the region," Li said.

He did not disclose the transaction value.

Hong Kong and Singapore-listed Genting Hong Kong owns Star Cruises and Resorts World Manila. Genting Hong Kong also owns a stake in Norwegian Cruise Line.

Malaysia-listed Genting Bhd chairman and chief executive Tan Sri Lim Kok Thay is the single-largest shareholder in Genting Hong Kong with a 52% stake.

Zouk was launched in Singapore in March 1991.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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