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Genting Hong Kong continues to pare stake in Norwegian Cruise Lines

GENTING Hong Kong continues to reduce its stake in Nasdaq-listed Norwegian Cruise Lines Holdings (NCLH) by selling another five million shares representing a 2.19 per cent stake in the firm.

The latest agreement, which follows another stake disposal just three months ago, lowers its current interest in NCLH to 5.64 per cent, said the Hong Kong-listed firm in an announcement on Friday morning. Genting Hong Kong has since May 2015 treated its interest in NCLH as an "available-for-sale investment".

Including other selling shareholders involved in the underwriting agreement signed on Nov 15 (New York time), a total of 10 million shares in NCLH will be sold for US$270.1 million in cash.

Genting Hong Kong said that it is expecting to record a gain of about US$57.4 million from the disposal.

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The firm had in August this year agreed to sell 7.5 million shares, or 3.29 per cent, in NCLH.

Genting Hong Kong said on Nov 13 that shares of the company will be delisted from the Singapore Exchange (SGX) on April 17, 2018, with the last day of trading on April 10 next year. This will save the company costs associated with maintaining a listing in Singapore.

It had said last month that it plans to focus its efforts in North Asia, and that a primary listing in Hong Kong will increase its visibility among North Asian investors and the liquidity of its stock.