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Genting HK to delist from SGX, retain single primary listing in Hong Kong
GENTING Hong Kong (HK) is ending its three-year secondary Mainboard listing on the Singapore Exchange (SGX) and returning to a single primary listing in Hong Kong, the cruise operator announced on Tuesday after the market closed.
The exact timetable for the delisting has not been set, but a condition for obtaining SGX's approval is that Genting HK must give shareholders at least three months' notice.
Singapore holders of Genting HK who wish to continue trading the shares will have to make arrangements to transfer their shares to the Hong Kong clearing system and a broker in the Chinese territory. Genting HK said it will bear the transfer fees for affected shareholders.
Genting HK explained that it plans to focus its efforts in North Asia, and believes that a single primary listing in Hong Kong will increase its visibility among North-Asian investors as well as the liquidity of its stock. The company will also save on costs associated with maintaining a listing in Singapore.
Genting HK, which had a market capitalisation of S$2.9 billion as at end-September, noted that it has not raised any funds in Singapore in the last six years.
Genting HK first obtained approval for secondary listing on the SGX Mainboard in 2014 after being quoted on GlobalQuote. Back then, market observers said that the stock was traded more actively in Singapore than in Hong Kong.