Genting HK seeks mandate to dispose of remaining NCLH stock

Genting Hong Kong is seeking a shareholder mandate to sell the remaining shares in Norwegian Cruise Line Holdings to raise funds for future development.

The company said any stock that is sold through a secondary public offering will have a minimum selling price of US$43.86. However, it noted that given the low liquidity of shares in the cruise line, it may not be practical to sell the equity through the open market.

“The company will apply the sale proceeds from the future disposal as (i) capital expenditure for the group, which includes but is not limited to the purchase of property, plant and equipment such as construction of ships; and/or funding new investments,” it said, adding at this time none had been identified.

Genting still holds 3,148,307 NCLH shares and has been selling off its holding in tranches from August last year.