Genting HK to get US$317m net proceeds from Norwegian Cruise stake sale

Published Mon, Mar 9, 2015 · 12:33 AM
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GENTING Hong Kong will receive US$316.9 million of net proceeds from a previously reported plan to sell a 2.7 per cent stake in associate company Norwegian Cruise Line Holdings, the gaming and hospitality company announced on Monday.

Norwegian Cruise Line, a Nasdaq-listed cruise operator, had announced on March 5 that Genting Hong Kong subsidiary Star NCLC Holdings and investment firm TPG Global will sell 12.5 million shares, comprising 6.25 million shares from each shareholder.

The sale will reduce Genting Hong Kong's stake in Norwegian Cruise Line, held through Star NCLC Holdings, to about 22.2 per cent from 24.9 per cent. Genting Hong Kong will record a US$218.2 million gain from the deal, based on the shares' current carrying value of about US$98.6 million as at end-2014.

The Norwegian Cruise Line shares being sold by Genting Hong Kong were worth about US$320.8 million as of March 5.

UBS is the underwriter for the deal.

Genting Hong Kong is currently acquiring luxury cruise line Crystal Cruises for US$550 million from Japanese shipping company Nippon Yusen Kaisha.

Genting Hong Kong shares closed at 35.5 US cents on March 5 before trading was halted for the announcement. Genting Hong Kong shares resume trading on Monday.

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