Genting HK to gain $14.5m from Norwegian Cruise Line share sale

Genting Hong Kong said it expects a gain of about HK$14.5 million ($1.9 million) from the sale of shares in Norwegian Cruise Line Holdings.

The company said in a Hong Kong Stock Exchange filing that its Star unit will hold 11.1 percent in the cruise line operator following the sale, down from 13.4 percent currently.

The sale proceeds will be used as general working capital for the group and/or to fund new investments.

“The board considers the offering as a good opportunity for the group to realize profits with cash inflow from partial realization of its investment in NCLH,” it said.

Shareholders granted a mandate to the board on June 2nd to sell off its remaining Norwegian Cruise Line Holdings stake over a 12-month period. A total of 40,569,334 were for sale.

Star sold disposed of 10,000,000 shares in August and in this week’s transaction selling shareholders, which also included other selling shareholders, disposed of a further 10,342,055 stock.