The Zouk Group has just been sold by Genting Hong Kong to Malaysian firm Tulipa in an effort to offload “non-core assets” and provide liquidity to the group.
Operating under Genting Hong Kong since 2015, the popular homegrown nightclub Zouk is one of the biggest assets of Zouk Group. Their other ventures also include the newly opened American burger joint Five Guys at Plaza Singapura.
The news comes after Lim Keong Hui, the son of Genting Hong Kong's Chairman and controlling shareholder Lim Kok Thay, resigned from his position as Deputy CEO last week. Instead, Zouk will now operate under Tulipa, which is owned by Lim Keong Hui.
Zouk Group sold for S$14 million as COVID-19 batters Genting Hong Kong https://t.co/AIvuBVKEFl pic.twitter.com/lK1MM8s34g— CNA (@ChannelNewsAsia) September 1, 2020
In August, Genting Hong Kong, which lists Star Cruises as one of its brands, was reported to have suspended all payments to creditors due to the coronavirus. The Zouk Group will be sold for a total of about US$10.3 million (S$14 million), while the sale of the nightclub will be expected to result in a gain of around US$870,000 (S$1.2 million). This amount will be used as their working capital.
As with others in the arts and performing industry, Zouk was one of many nightlife establishments forced to shut their doors because of the coronavirus outbreak, even after the circuit breaker had been lifted. Even though pilot gigs for live music performances are in the works, there has been no news on resuming operations for nightlife venues.
View this post on Instagram
Zouk Digital this week - mark your calendars for another round of TGIW helmed by DJ Ghetto, techno beats on Phuture Underground with Che'Molly and XTVA, a TGIF celebration with Nash D, and a round of our signature One Dance with Jeremy Boon and Hong. Catch you guys this week - don’t miss out! 💥
However, the party spot has since channelled their efforts into other concepts in order to keep their business afloat. Like many other artists, Zouk has decided to embrace the virtual space to bring the experience online under Zouk Digital. Each session is completed with live DJ sets from the likes of Che’Molly, DJ Anjo, LeNerd, and more.
They have also launched special bottled cocktails available for takeaway and delivery, in addition to other F&B services provided by their kitchen. With the help of their mixologists, the club has come up with locally inspired flavours, such as Milo Gao, Asam Guava, and Teh Peng.
View this post on Instagram
A play on the popular guava and asam (plum) powder combination, Asam Guava packs a refreshing oomph with a steady composition of sweet and savoury. Each bottle comes with a sachet of asam powder packed separately, either to be mixed into the drink, or used to line the rim of the cocktail glass. Available in two sizes: 250ml (2 servings) - $35 500ml (4 servings) - $60 Bundle of 2 x 500ml - $110 Bundle of 3 x 500ml - $150 Purchase now at order.zoukclub.com - #ZoukSingapore
Stay tuned to Bandwagon for more updates.