Genting shares plummet following shipyard insolvencies in Germany

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Following the insolvency of Hong Kong-German shipbuilder MV Werften, shares in its parent company, Genting Hong Kong, plummeted when trading in its shares resumed on Thursday. By the close of trading on the Hong Kong stock market, Genting’s share price had plummeted by 56 per cent. Trading in Genting shares was suspended last Friday amid legal disputes about the future of MV Werften in Germany, where the company owns three shipyards. Tourism group Genting Hong Kong bought the shipyards in 2016 to build cruise ships for its own Star Cruises, Dream Cruises and Crystal Cruises brands, as well as …

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