Genting Hong Kong has announced the sale of ten million shares in its cruise operator, Norwegian Cruise Line Holdings for a total amount of $270m.
The cruise and casino investor is disposing of a 2.19% stake in the operator, up for sale to underwriter Morgan Stanley.
The sale will be completed via Genting Hong Kong’s wholly-owned subsidiary, Star NCLC Holdings Ltd.
The Hong Kong-listed company said it expects pull in a gain of approximately $57.4m, representing the difference between the expected proceeds from the disposal and the carrying value of the shares.
In a statement the company said that the proceeds from the offload “will be used as general working capital and capital expenditure for the group and/or to fund new investments, should suitable opportunities arise”.
Back in August, Genting Hong Kong sold a 3.29% stake in the cruise operator for a total of $409m, with the company receiving a net gain of $90.1m.
Upon completion, the company will still control a stake of approximately 5.64% in Norwegian Cruise Line.