GENHK to sell stake in Norwegian Cruise Line

Casino cruise operator Genting Hong Kong Ltd Genting has announced it will sell its remaining stake in Norwegian Cruise Line Holdings (NCLH) in a secondary offering. Genting Hong Kong told the Hong Kong Stock Exchange on Friday that its wholly owned subsidiary Star NCLC Holdings Ltd agreed to sell about 3.15 million of its roughly 18.88 million Nasdaq-listed NCLH shares to buyers on Wednesday.

Genting Hong Kong said it was selling its stake, equivalent to about 1.44% of the total, for about $158.8 million in cash after deducting related estimated costs. The company said it expects the transaction to generate about $10 million in profit. Considering the perceived cumulative fair value gains and fair value losses for the six months ended June 30, 2018, “disposal gains will total $24.9 million,” the company said.

The company said it would use the proceeds that would accrue to the group to buy properties, plants and equipment, including ships that have not yet been built, or for other unspecified investments.

Genting Hong Kong is a subsidiary of Malaysian gaming company Genting Bhd, a global gaming and accommodation conglomerate rooted in the resort’s World Genting complex in the northeastern countryside of Kuala Lumpur, Malaysia’s largest city. Genting Hong Kong controls a stake in the group’s cruise line business, shipyards, nightlife brand Zouk and Philippine casino resort World Manila.

Genting Hong Kong has been reducing its NCLH stake over the past year or so. In August last year, Genting Hong Kong sold a 3.29% stake in Norwegian Cruise Line for US$490.1 million, netting a net profit of $90.1 million. Then in November last year, Genting Hong Kong announced it would sell a 2.19% stake in Cruise Line for US$270.1 million.

In March, there was a $128.9 million profit from the additional disposal of the shares, and a resolution was made to sell the issued shares at a special general meeting in June, which has now occurred.

BY: 카지노

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