KUALA LUMPUR – Khazanah Nasional Bhd-backed family attraction KidZania Singapore, which is under liquidation, owes S$53.4 million (RM162.95 million) to more than 1,000 parties, including businesses and government agencies in the city-state.
Singapore’s Business Times (BT) reported today that of that sum, S$50 million is listed as claims by Themed Attractions Resorts & Hotels (TARH) – the leisure and tourism arm of Khazanah.
TARH in turn owns a 80% stake in Rakan Riang Sdn Bhd, the joint venture company behind KidZania Singapore.
The remaining 20% stake is owned by Boustead Curve Sdn Bhd – a wholly-owned subsidiary of Boustead Holdings Bhd.
According to BT, which sighted a list of creditors, the rest of the debts are owed to customers, businesses and government agencies in Singapore, including the Singapore Tourism Board (STB), the Sentosa Development Corp (SDC) and the Ministry of Education (MOE).
The report said when KidZania opened in Singapore in 2016, it recorded S$15 million in revenue and a loss after tax of S$8.3 million that year but added that revenue remained stagnant while losses widened.
Last year, KidZania generated S$14.4 million in revenue but made a loss after tax of S$28 million, it said.
The total value of its assets has also diminished, from S$48.9 million in 2016 to S$5.9 million as at August 24, according to the statement of affairs presented at the creditors’ meeting as cited by BT. – The Vibes, October 15, 2020
