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NEWS 20 November 2017

Genting Hong Kong offloads shares worth $270m in Norwegian Cruise Line Holdings

By Caroline Watson
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.
RELATED TAGS: Financial | Industry
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