Genting HK to get US$317m net proceeds from Norwegian Cruise stake sale
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
US: Wall St opens lower as Meta Platforms, economic data weigh
Sheng Siong Q1 net profit up 9.3% on higher revenue