Philippines conglomerate Alliance Global Group Inc (AGI) has entered into a share purchase agreement to acquire all shares held by collapsed cruise ship entity Genting Hong Kong in their former joint venture integrated resort project, Manila’s Newport World Resorts.
Under the terms of the agreement, AGI subsidiary Newport World Resorts Properties, Inc will acquire the shares held by Star Cruises Philippines Holdings B.V., Asian Travellers Ltd and Premium Travellers Ltd – all formerly part of the Genting Hong Kong Group – in Newport World Resorts operator Travellers International Hotel Group, Inc (TIHGI).
AGI noted that, upon completion of the transactions, Genting Hong Kong will officially cease to hold a stake in TIHGI or any of its associated entities.
A joint venture partnership under which AGI held a 60% stake and Genting Hong Kong the remaining 40%, Newport World Resorts opened in 2009 under the name Resorts World Manila before rebranding last July following the collapse of Genting’s cruise ship arm.
With debts totalling around US$2.8 billion, Genting Hong Kong announced the appointment of liquidators in January 2022 after defaulting on various loans when unable to drawdown a US$88 million backstop facility from the State of Mecklenburg Vorpommern for the continued operation of its Germany shipbuilding subsidiary, MV Werften Holdings Ltd (MVWH).
Those liquidators have since been selling off former Genting Hong Kong assets and revealed in August that the company’s interest in Newport World Resorts was one of its key remaining assets in line to be offloaded.
Genting Hong Kong was delisted from the Hong Kong Stock Exchange on 16 May 2023.
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