Genting HK cruises to potentially huge gains from NCLH shares
Its unit may sell its remaining shares in the Norwegian firm
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Angela Tan
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GENTING Hong Kong (Genting HK) may sell its remaining 27.7 per cent stake in Norwegian Cruise Line Holdings (NCLH), a disposal that could see it realise a minimum gain of US$389.2 million, or US$1.23 billion at the prevailing Nasdaq price.
Genting HK, the world's third-largest cruise operator by berths, said yesterday that its subsidiary Star NCLC - which had entered into underwriting agreements to sell 31.65 million NCLH shares since last August - may sell its remaining 56.82 million shares in NCLH to crystalise an investment made about 14 years ago.
This comes shortly after NCLH announced in the United States that Star and certain funds affiliated with Apollo Global Management LLC are selling 15 million NCLH shares in a secondary public offer.
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