In brief

Genting sells Norwegian cruise operator stake

GENTING Hong Kong will receive US$316.9 million in net proceeds from plans to sell a 2.7 per cent stake in associate company Norwegian Cruise Line Holdings. Nasdaq-listed cruise operator Norwegian Cruise Line 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 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.

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