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Genting Hong Kong Limited's Joint Controlled Entity Files Registration Statement US Securities And Exchange Commission
Tuesday, 26 Oct 2010 10:50pm EDT
Genting Hong Kong Limited announced that NCL Corporation Ltd. (NCLC) filed a registration statement which is not yet effective, with the US Securities and Exchange Commission for the initial public offering of NCLC's ordinary shares. NCLC is a limited liability company that is jointly controlled by the Company. 50% of the issued shares of NCLC is owned by the Company and the remaining 50% is owned by to third party groups.
Genting Hong Kong Limited Does Not Declare Dividend
Sunday, 29 Aug 2010 07:02am EDT
Genting Hong Kong Limited announced that the Directors do not recommend the declaration of interim dividend in respect of the six months ended June 30, 2010.
Genting Hong Kong Limited's Vista Knowledge Announces Subscription For Shares In Union Bank Of Colombo Limited
Tuesday, 8 Jun 2010 07:22am EDT
Genting Hong Kong Limited announced that Select Gain and Union Bank entered into the Subscription Agreement pursuant to which Union Bank agreed to issue and Select Gain agreed to subscribe, on a conditional basis, for the Subscription Shares for a total consideration amount of LKR225,000,000 (equivalent to approximately HKD15,439,500). On April 30, 2010, Vista Knowledge, a wholly owned subsidiary of GENT entered into a subscription agreement with Union Bank in relation to the subscription for certain shares in Union Bank by Vista Knowledge. After the completion of the subscription for shares in Union Bank by Vista Knowledge, GENT, will through Vista Knowledge, hold approximately 20.38% shareholding interest in Union Bank and will become a substantial shareholder of Union Bank.
Genting Hong Kong Limited Does Not Recommend Final Dividend
Thursday, 25 Mar 2010 08:13am EDT
Genting Hong Kong Limited announced that its Directors do not recommend the declaration of any final dividend in respect of the year ended December 31, 2009 (2008: Nil).
Gentling Hong Kong Limited's Subsidiary Enters Into Loan Agreement Of USD150 Million
Thursday, 11 Feb 2010 06:58pm EST
Genting Hong Kong Limited announced that Ample Avenue Limited (AAL), an indirect wholly owned subsidiary of the Company, as the borrower, entered into the Loan Agreement with Calyon Asia Shipfinance Limited, as the agent and security trustee, and Crédit Agricole Corporate and Investment Bank, DnB NOR Bank ASA, Singapore Branch, Malayan Banking Berhad and RHB Bank (L) Ltd, as lenders, for general corporate and working capital purposes of the Group. Under the Loan Agreement, the lenders have granted AAL, the secured floating rate term loan facility of up to USD150,000,000 made available under the Loan Agreement (Term Loan Facility). The maturity date of all outstanding amounts under the Term Loan Facility will be the date falling 5 years from the drawdown date of the Term Loan Facility or March 31, 2015, whichever is the earlier.
Resorts World operator gets $300M in funds
TRAVELLERS International Hotel Group, Inc., a joint venture
between Andrew L. Tan-led Alliance Global Group, Inc. and Genting Hong
Kong Ltd., has raised $300 million in fresh capital by selling
seven-year bonds.
The maiden offering of the unlisted hotel and leisure firm,
bagged the lowest coupon rate for a gaming firm worldwide, officials
said.
Fresh funds will be for the “expansion of Resorts World,” Alliance Global President Kingson U. Sian told reporters.
“Travellers [International] was able to successfully tap the bond market
after just a year of operations. It has no credit history yet,” he
added.
“Since this is the maiden issue of [Travellers International], for them
to raise $300 million and $1.1 billion in demand is unique,” said Lauro
C. Baja III, managing director of sole global coordinator UBS
Investments Philippines, Inc.
The coupon rate for the bonds due in 2017 is 6.9%, lower than the guidance of 7.5%.
“[The investors] are comfortable with the principal shareholders Alliance Global and Genting,” Mr. Baja said.
The bonds were sold to 88 investors, 90% of which were from Asia, and
10% from Europe. Mr. Baja said 59% of the bonds were secured by banks. A
quarter went to fund managers.
UBS and Deutsche Bank were the joint book runners while the local lead manager was Banco De Oro Capital and Investment Corp.
Mr. Baja said investors wanted more exposure to Alliance Global
following the conglomerate’s $500-million maiden bond issue, which was
nine times oversubscribed, in August.
Travellers International, which operates the eight-hectare Resorts World
Manila in Pasay, is 50% owned by Genting, the third-largest cruise line
operator in the world. -- Neil Jerome C. Morales
Genting HK gets share price boost from US unit
50% owned NCL Corp is priming for a US$250m IPO
By
VEN SREENIVASAN
A
SLEW of positive news regarding its North American cruise line
subsidiary sent Genting Hong Kong bucking the broader market downtrend
yesterday.
Genting Hong Kong rose to as high as 47.5 US cents in early trading,
before the broader market weakness pared it to 45 US cents for a one US
cent gain.
This came after its 50 per cent controlled NCL Corporation (NCL)
filed a registration with the US Securities and Exchange Commission for
an initial public offering of up to US$250 million.
No details on the number of shares or their offer price were immediately available.
NCL also released strong third-quarter results, with net profit
rising 8.6 per cent year on year to US$93 million for the three months
to end-September. This brought its cumulative earnings for the first
nine months of this year to US$61.9 million. NCL had posted a net loss
of US$31.1 million for the first half, mainly due to a non-recurring
forex charge of US$33.1 million for Q2 2010 due to financing contracts
for a ship, Norwegian Epic.
In another positive development, NCL also announced that it had
reached an agreement with Germany's Meyer Werft GmbH to build two new
next-generation Freestyle Cruising ships for delivery in spring 2013
and spring 2014, respectively.
Each of the 143,500 gross ton vessels - the largest
passenger/cruise ships to be built in Germany - will have some 4,000
passenger berths and a rich cabin mix.
NCL chief executive officer Kevin Sheehan said that the decision to
add the two new ships reflected the significant progress that the
cruise operator had made in improving its operating performance.
Genting Hong Kong, once known as Star Cruises, is a three-pronged
US$3 billion market-cap gaming entity comprising Star Cruises in Asia,
NCL in the US, and Resorts World Manila in the Philippines.
After plodding along for much of last year, all three businesses
appear to have established strong footholds in their respective areas
and are turning around strongly.
UOB-KayHian, which tracks the company, expects Genting Hong Kong to
post pre-tax earnings of US$115.3 million for this year and US$190.5
million for 2011, against a loss of some US$24 million for 2009.
Meanwhile, market insiders here also see Genting Hong Kong as a
cheaper warrant on Genting Singapore, whose price has risen sharply in
recent months following the strong performance of its Singapore
integrated resort at Sentosa.
epliew ( Date: 28-Oct-2010 19:07) Posted:
spicy, u really can sleep ya.....
spicy88 ( Date: 28-Oct-2010 18:11) Posted:
| What is a day of wrong timing or delay in blow out when you are supposed to go long(^3) for this counter (Pharoah88, right)? I have learnt to sleep well these days so long as it does not go below 43 cents...but my heart will start pumping again when it crosses 50cents.... |
|
|
|
spicy, u really can sleep ya.....
spicy88 ( Date: 28-Oct-2010 18:11) Posted:
| What is a day of wrong timing or delay in blow out when you are supposed to go long(^3) for this counter (Pharoah88, right)? I have learnt to sleep well these days so long as it does not go below 43 cents...but my heart will start pumping again when it crosses 50cents.... |
|
pharoah,
pls baby talk leh, what is the tp to sell....genting hk.... or it would see saw until something happened ?
pharoah88 ( Date: 28-Oct-2010 14:00) Posted:
|
天 长 地 久
Invest Fair 2010 Marina Bay Sands
Floor audience asked about GENTING SP and GENTING HK, TOP Speakers Panel declared that it was very difficult to comment on the GENTING TWINS as they have their very own UNIQUE PERSONALITIES [DNAs].
CIMB is the only one who specialises in GENTING TWINS.
It had conducted its own separate briefings for GENTING SP and GENTING HK.
There will be GRAND PRESENTATION on Saturday: 6 November 2010
REGIONAL GAMING SEACTOR OUTLOOK [06 11 2010]
DBS Auditorium Level 3
GENTING SP AGM 2010 and EGM 2010 at RWS
Big group of PIONEER GENTING shareholders were there loyally holding on to GENTING shares through thick and thin for more than 30 years.
They proclaimed that GENTING is GENTING and there is nothing comparable.
Even though the dividend had never been attractive or even not a consideration, they still go for GENTING LONG LONG LONG.
Since Day One till now, great majority of analysts were ALL WRONGS and MORE WRONGS.
I had met several investors who attended paid public investor seminars held by individual analysts who cautiously advised them to STAY CLEAR of GENTING SP at S$0.33, at S$0.68 ........ and some were even warned to NEVER TOUCH GENTING SP.
NOW, they ALL regretted that they had mIssed theIr FORTUNES.
GENTING TWINS have their own KARMA and so do their management as well as their shareholders.
It takes the PIONEERS mOre than 3 DECADES to knOw GENTING
AnthonyTan ( Date: 28-Oct-2010 13:12) Posted:
| According to UOBKH, the fair price is US$0.40. |
|
|
|
What is a day of wrong timing or delay in blow out when you are supposed to go long(^3) for this counter (Pharoah88, right)? I have learnt to sleep well these days so long as it does not go below 43 cents...but my heart will start pumping again when it crosses 50cents....
Thursday: 28 10 2010 CLOSING
HALLOWEEN PARTY DAY
CELESTIAL BLACKHOLE S$2.16 [GENTING SP]
Thursday: 28 10 2010 CLOSING
HALLOWEEN PARTY DAY
CELESTIAL BLACKHOLE S$2.16
| Stock |
Code |
i |
Rmk |
Ccy |
Last |
|
$Chng |
%Chng |
Vol |
Buy Vol |
Buy |
Sell |
Sell Vol |
Open |
Previous |
Day Hi |
Day Lo |
Ind |
Sector |
Mkt |
Off Code |
Feed Code |
COC BB |
COC LD |
COC BS |
| TopGlobal W150929 |
5RWW |
i |
-- |
SGD |
0.010 |
|
+0.005 |
+100.0 |
682,547,000 |
236,918,000 |
0.005 |
0.010 |
116,929,000 |
0.005 |
0.005 |
0.010 |
0.005 |
M |
-- |
SGX |
5RWW |
TPGB_ta.SI |
-- |
-- |
-- |
| TopGlobal |
519 |
i |
-- |
SGD |
0.010 |
|
+0.005 |
+100.0 |
646,896,000 |
256,879,000 |
0.010 |
0.015 |
295,065,000 |
0.010 |
0.005 |
0.015 |
0.010 |
C,M |
-- |
SGX |
519 |
TPGB.SI |
-- |
-- |
-- |
| XinRen |
MN5 |
i |
-- |
SGD |
0.530 |
|
-0.105 |
-16.5 |
353,197,000 |
5,395,000 |
0.525 |
0.530 |
1,735,000 |
0.640 |
0.635 |
0.650 |
0.520 |
C,M |
-- |
SGX |
MN5 |
XIRN.SI |
-- |
-- |
-- |
| Genting SP |
G13 |
i |
-- |
SGD |
2.160 |
|
+0.030 |
+1.4 |
237,540,000 |
2,866,000 |
2.160 |
2.170 |
4,097,000 |
2.190 |
2.130 |
2.210 |
2.150 |
M |
| Yangzijiang |
BS6 |
i |
-- |
SGD |
1.860 |
|
-0.030 |
-1.6 |
23,965,000 |
1,772,000 |
1.860 |
1.870 |
230,000 |
1.890 |
1.890 |
1.900 |
1.850 |
C,M |
-- |
SGX |
BS6 |
YAZG.SI |
-- |
-- |
-- |
| e Genting HK US$ |
S21 |
i |
-- |
USD |
0.450 |
|
0.000 |
0.0 |
23,807,000 |
3,371,000 |
0.450 |
0.455 |
150,000 |
0.460 |
0.450 |
0.465 |
0.450 |
M |
-- |
SGX |
S21 |
GENH.SI |
-- |
-- |
-- |
| GoldenAgr |
E5H |
i |
-- |
SGD |
0.665 |
|
-0.005 |
-0.7 |
21,595,000 |
4,404,000 |
0.665 |
0.670 |
493,000 |
0.675 |
0.670 |
0.680 |
0.665 |
M |
A prOfitable 20.38%
A majOr sharehOlder
tradermonster ( Date: 28-Oct-2010 11:36) Posted:
|
How about 20.38% in Union Bank of Colombo Limited at Sri Lanka?
B. INFORMATION ABOUT THE PARTIES
The principal activity of the Company is investment holding. The Company’s subsidiaries are principally engaged in the business of cruise and cruise related operations and leisure, entertainment and hospitality activities. The Group together with its jointly controlled entities currently has a combined fleet of 17 vessels with approximately 30,000 lower berths with one additional vessel due to be delivered by 2010.
Select Gain is a wholly owned subsidiary of the Company incorporated in the British Virgin Islands with limited liability, and its principal activity is investment holding.
Union Bank is a licensed commercial bank engaged in banking business in Sri Lanka under a banking license issued by the Central Bank of Sri Lanka.
Based on the consolidated financial statements of Union Bank for the year ended 31 December 2009, the audited net profits before taxation for the two financial years ended 31 December 2008 and 2009 were LKR112 million and LKR180 million respectively and the audited net profit after taxation for the two financial years ended 31 December 2008 and 2009 were LKR23 million and LKR62 million respectively. The shareholders’ funds of Union Bank as at 31 December 2009 were approximately LKR1.6 billion.
C. REASONS FOR, AND BENEFITS OF, THE SUBSCRIPTION
In view of the booming economy in Sri Lanka after the end of its civil war, the Board believes that the Subscription is an attractive investment in a potentially high growth industry. It also provides foothold for the Company to look at other lucrative projects in this newly emerging market.
The terms of the Subscription Agreement, including but not limited to the Subscription Price, were arrived at after arm's length negotiation between the parties to the Subscription Agreement. The Board (including the Independent Non-executive Directors) is of the view that the terms of the Subscription Agreement are on normal commercial terms, fair and reasonable and in the interests of the Company and its shareholders as a whole.
D. LISTING RULES IMPLICATIONS
On 30 April 2010, Vista Knowledge, a wholly-owned subsidiary of GENT entered into a subscription agreement with Union Bank in relation to the subscription for shares in Union Bank by Vista Knowledge. After the completion of the subscription for shares in Union Bank by Vista Knowledge, GENT will, through Vista Knowledge, hold approximately 20.38% shareholding interest in Union Bank and will become a substantial shareholder of Union Bank. Tan Sri Lim Kok Thay is the Chairman, Executive Director and Chief Executive Officer of the Company, and thus a controller of the Company under Rule 14A.10(3) of the Listing Rules. As Tan Sri Lim Kok Thay is also the Chairman and Chief Executive and a shareholder of GENT, GENT is an associate of Tan Sri Lim Kok Thay. Accordingly, the Subscription, being the subscription by Select Gain of shares in a company of which a substantial shareholder is an associate of a controller of the Company (i.e. GENT), will constitute a connected transaction for the Company pursuant to Rule 14A.13(1)(b)(i) of the Listing Rules. For the reasons stated above, Tan Sri Lim Kok Thay is considered as interested in the Subscription and he abstained from voting on the relevant board resolutions.
Save as disclosed above and to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, Union Bank and other shareholders of Union Bank are third parties independent of the Company and its connected persons.
pharoah88 ( Date: 28-Oct-2010 09:11) Posted:
|
please do a fUll estImatIOn, InclUdIng STAR CRUISE
and SHARE It wIth Us here.
THANKS |
|
|
|
天 长 地 久
Invest Fair 2010 Marina Bay Sands
Floor audience asked about GENTING SP and GENTING HK, TOP Speakers Panel declared that it was very difficult to comment on the GENTING TWINS as they have their very own UNIQUE PERSONALITIES [DNAs].
CIMB is the only one who specialises in GENTING TWINS.
It had conducted its own separate briefings for GENTING SP and GENTING HK.
There will be GRAND PRESENTATION on Saturday: 6 November 2010
REGIONAL GAMING SEACTOR OUTLOOK [06 11 2010]
DBS Auditorium Level 3
GENTING SP AGM 2010 and EGM 2010 at RWS
Big group of PIONEER GENTING shareholders were there loyally holding on to GENTING shares through thick and thin for more than 30 years.
They proclaimed that GENTING is GENTING and there is nothing comparable.
Even though the dividend had never been attractive or even not a consideration, they still go for GENTING LONG LONG LONG.
Since Day One till now, great majority of analysts were ALL WRONGS and MORE WRONGS.
I had met several investors who attended paid public investor seminars held by individual analysts who cautiously advised them to STAY CLEAR of GENTING SP at S$0.33, at S$0.68 ........ and some were even warned to NEVER TOUCH GENTING SP.
NOW, they ALL regretted that they had mIssed theIr FORTUNES.
GENTING TWINS have their own KARMA and so do their management as well as their shareholders.
It takes the PIONEERS mOre than 3 DECADES to knOw GENTING
AnthonyTan ( Date: 28-Oct-2010 13:12) Posted:
| According to UOBKH, the fair price is US$0.40. |
|
Does it mean Genting HK also has a bank in Sri Lanka ? How many % is it ? Quite similar to Jardine C&C which has stake in Indo bank.
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Union Bank records 65% increase in pre-tax profits. »
Union Bank launches EASYPLUS Current Account making banking even more easier
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Union Bank was the first bank in Sri Lanka to introduce to internet banking and we have many other firsts ... Union Bnk of Colombo Ltd 2009 All Right Reserved.www.ubdirect.com/ - Cached - Similar
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18 Alfred Place, Colombo - (0)11 2370870 begin_of_the_skype_highlighting (0)11 2370870 end_of_the_skype_highlighting
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Union Bank of Colombo is a leading commercial bank in Sri Lanka. The total deposits of Colombo Union Bank was Rs.2.7 billion and its total loan disbursement
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World / Sri_Lanka / Colombo / Colombo , 1km from center. Coordinates: 6°54'44"N 79°51'16"E.
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According to UOBKH, the fair price is US$0.40.
Thursday: 28 10 2010 mId-nOOn
tImIng nOt rIpe yet ?
I BELIEVE IT IS NOT LISTED.
YES, THIS BANK IS MAKING PROFIT. CHECK THEIR WEBSITE.
Is UNION BANK listed in SRI LANKA Stock Exchange ?
Last Saturday, at Standard Chartered Bank's Shangrila Breakfast Talk on Global Market Outlook,
SCB Director said SRI LANKA stocks are doing very well.
tradermonster ( Date: 28-Oct-2010 11:36) Posted:
|
How about 20.38% in Union Bank of Colombo Limited at Sri Lanka?
B. INFORMATION ABOUT THE PARTIES
The principal activity of the Company is investment holding. The Company’s subsidiaries are principally engaged in the business of cruise and cruise related operations and leisure, entertainment and hospitality activities. The Group together with its jointly controlled entities currently has a combined fleet of 17 vessels with approximately 30,000 lower berths with one additional vessel due to be delivered by 2010.
Select Gain is a wholly owned subsidiary of the Company incorporated in the British Virgin Islands with limited liability, and its principal activity is investment holding.
Union Bank is a licensed commercial bank engaged in banking business in Sri Lanka under a banking license issued by the Central Bank of Sri Lanka.
Based on the consolidated financial statements of Union Bank for the year ended 31 December 2009, the audited net profits before taxation for the two financial years ended 31 December 2008 and 2009 were LKR112 million and LKR180 million respectively and the audited net profit after taxation for the two financial years ended 31 December 2008 and 2009 were LKR23 million and LKR62 million respectively. The shareholders’ funds of Union Bank as at 31 December 2009 were approximately LKR1.6 billion.
C. REASONS FOR, AND BENEFITS OF, THE SUBSCRIPTION
In view of the booming economy in Sri Lanka after the end of its civil war, the Board believes that the Subscription is an attractive investment in a potentially high growth industry. It also provides foothold for the Company to look at other lucrative projects in this newly emerging market.
The terms of the Subscription Agreement, including but not limited to the Subscription Price, were arrived at after arm's length negotiation between the parties to the Subscription Agreement. The Board (including the Independent Non-executive Directors) is of the view that the terms of the Subscription Agreement are on normal commercial terms, fair and reasonable and in the interests of the Company and its shareholders as a whole.
D. LISTING RULES IMPLICATIONS
On 30 April 2010, Vista Knowledge, a wholly-owned subsidiary of GENT entered into a subscription agreement with Union Bank in relation to the subscription for shares in Union Bank by Vista Knowledge. After the completion of the subscription for shares in Union Bank by Vista Knowledge, GENT will, through Vista Knowledge, hold approximately 20.38% shareholding interest in Union Bank and will become a substantial shareholder of Union Bank. Tan Sri Lim Kok Thay is the Chairman, Executive Director and Chief Executive Officer of the Company, and thus a controller of the Company under Rule 14A.10(3) of the Listing Rules. As Tan Sri Lim Kok Thay is also the Chairman and Chief Executive and a shareholder of GENT, GENT is an associate of Tan Sri Lim Kok Thay. Accordingly, the Subscription, being the subscription by Select Gain of shares in a company of which a substantial shareholder is an associate of a controller of the Company (i.e. GENT), will constitute a connected transaction for the Company pursuant to Rule 14A.13(1)(b)(i) of the Listing Rules. For the reasons stated above, Tan Sri Lim Kok Thay is considered as interested in the Subscription and he abstained from voting on the relevant board resolutions.
Save as disclosed above and to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, Union Bank and other shareholders of Union Bank are third parties independent of the Company and its connected persons.
pharoah88 ( Date: 28-Oct-2010 09:11) Posted:
|
please do a fUll estImatIOn, InclUdIng STAR CRUISE
and SHARE It wIth Us here.
THANKS |
|
|
|
yes.. the number of star cruise and union bank are unknown..
no clue from its previous financial report.. anyone can help to give estimate?
chart wise.. 0.475 is the price to watch..
tradermonster ( Date: 28-Oct-2010 11:36) Posted:
|
How about 20.38% in Union Bank of Colombo Limited at Sri Lanka?
B. INFORMATION ABOUT THE PARTIES
The principal activity of the Company is investment holding. The Company’s subsidiaries are principally engaged in the business of cruise and cruise related operations and leisure, entertainment and hospitality activities. The Group together with its jointly controlled entities currently has a combined fleet of 17 vessels with approximately 30,000 lower berths with one additional vessel due to be delivered by 2010.
Select Gain is a wholly owned subsidiary of the Company incorporated in the British Virgin Islands with limited liability, and its principal activity is investment holding.
Union Bank is a licensed commercial bank engaged in banking business in Sri Lanka under a banking license issued by the Central Bank of Sri Lanka.
Based on the consolidated financial statements of Union Bank for the year ended 31 December 2009, the audited net profits before taxation for the two financial years ended 31 December 2008 and 2009 were LKR112 million and LKR180 million respectively and the audited net profit after taxation for the two financial years ended 31 December 2008 and 2009 were LKR23 million and LKR62 million respectively. The shareholders’ funds of Union Bank as at 31 December 2009 were approximately LKR1.6 billion.
C. REASONS FOR, AND BENEFITS OF, THE SUBSCRIPTION
In view of the booming economy in Sri Lanka after the end of its civil war, the Board believes that the Subscription is an attractive investment in a potentially high growth industry. It also provides foothold for the Company to look at other lucrative projects in this newly emerging market.
The terms of the Subscription Agreement, including but not limited to the Subscription Price, were arrived at after arm's length negotiation between the parties to the Subscription Agreement. The Board (including the Independent Non-executive Directors) is of the view that the terms of the Subscription Agreement are on normal commercial terms, fair and reasonable and in the interests of the Company and its shareholders as a whole.
D. LISTING RULES IMPLICATIONS
On 30 April 2010, Vista Knowledge, a wholly-owned subsidiary of GENT entered into a subscription agreement with Union Bank in relation to the subscription for shares in Union Bank by Vista Knowledge. After the completion of the subscription for shares in Union Bank by Vista Knowledge, GENT will, through Vista Knowledge, hold approximately 20.38% shareholding interest in Union Bank and will become a substantial shareholder of Union Bank. Tan Sri Lim Kok Thay is the Chairman, Executive Director and Chief Executive Officer of the Company, and thus a controller of the Company under Rule 14A.10(3) of the Listing Rules. As Tan Sri Lim Kok Thay is also the Chairman and Chief Executive and a shareholder of GENT, GENT is an associate of Tan Sri Lim Kok Thay. Accordingly, the Subscription, being the subscription by Select Gain of shares in a company of which a substantial shareholder is an associate of a controller of the Company (i.e. GENT), will constitute a connected transaction for the Company pursuant to Rule 14A.13(1)(b)(i) of the Listing Rules. For the reasons stated above, Tan Sri Lim Kok Thay is considered as interested in the Subscription and he abstained from voting on the relevant board resolutions.
Save as disclosed above and to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, Union Bank and other shareholders of Union Bank are third parties independent of the Company and its connected persons.
pharoah88 ( Date: 28-Oct-2010 09:11) Posted:
|
please do a fUll estImatIOn, InclUdIng STAR CRUISE
and SHARE It wIth Us here.
THANKS |
|
|
|
How about 20.38% in Union Bank of Colombo Limited at Sri Lanka?
B. INFORMATION ABOUT THE PARTIES
The principal activity of the Company is investment holding. The Company’s subsidiaries are principally engaged in the business of cruise and cruise related operations and leisure, entertainment and hospitality activities. The Group together with its jointly controlled entities currently has a combined fleet of 17 vessels with approximately 30,000 lower berths with one additional vessel due to be delivered by 2010.
Select Gain is a wholly owned subsidiary of the Company incorporated in the British Virgin Islands with limited liability, and its principal activity is investment holding.
Union Bank is a licensed commercial bank engaged in banking business in Sri Lanka under a banking license issued by the Central Bank of Sri Lanka.
Based on the consolidated financial statements of Union Bank for the year ended 31 December 2009, the audited net profits before taxation for the two financial years ended 31 December 2008 and 2009 were LKR112 million and LKR180 million respectively and the audited net profit after taxation for the two financial years ended 31 December 2008 and 2009 were LKR23 million and LKR62 million respectively. The shareholders’ funds of Union Bank as at 31 December 2009 were approximately LKR1.6 billion.
C. REASONS FOR, AND BENEFITS OF, THE SUBSCRIPTION
In view of the booming economy in Sri Lanka after the end of its civil war, the Board believes that the Subscription is an attractive investment in a potentially high growth industry. It also provides foothold for the Company to look at other lucrative projects in this newly emerging market.
The terms of the Subscription Agreement, including but not limited to the Subscription Price, were arrived at after arm's length negotiation between the parties to the Subscription Agreement. The Board (including the Independent Non-executive Directors) is of the view that the terms of the Subscription Agreement are on normal commercial terms, fair and reasonable and in the interests of the Company and its shareholders as a whole.
D. LISTING RULES IMPLICATIONS
On 30 April 2010, Vista Knowledge, a wholly-owned subsidiary of GENT entered into a subscription agreement with Union Bank in relation to the subscription for shares in Union Bank by Vista Knowledge. After the completion of the subscription for shares in Union Bank by Vista Knowledge, GENT will, through Vista Knowledge, hold approximately 20.38% shareholding interest in Union Bank and will become a substantial shareholder of Union Bank. Tan Sri Lim Kok Thay is the Chairman, Executive Director and Chief Executive Officer of the Company, and thus a controller of the Company under Rule 14A.10(3) of the Listing Rules. As Tan Sri Lim Kok Thay is also the Chairman and Chief Executive and a shareholder of GENT, GENT is an associate of Tan Sri Lim Kok Thay. Accordingly, the Subscription, being the subscription by Select Gain of shares in a company of which a substantial shareholder is an associate of a controller of the Company (i.e. GENT), will constitute a connected transaction for the Company pursuant to Rule 14A.13(1)(b)(i) of the Listing Rules. For the reasons stated above, Tan Sri Lim Kok Thay is considered as interested in the Subscription and he abstained from voting on the relevant board resolutions.
Save as disclosed above and to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, Union Bank and other shareholders of Union Bank are third parties independent of the Company and its connected persons.
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Wednesday: 27 10 2010 ~~~~~~~~
SUNDAY: 31 10 2010
HALLOWEEN CARNIVAL
E N J O Y
