Genting seeks mandate for remaining NCLH sale

Genting Hong Kong said it plans to sell the remaining shares it owns in Norwegian Cruise Line Holdings and is seeking a shareholder mandate to allow it to act when the timing is right.

In a filing with the Hong Kong Stock Exchange, the company said that after a series of disposals last year, it now holds 3,148,307 NCLH Shares, representing approximately 1.40 percent of the total capital.

“To allow flexibility in effecting future disposal of the remaining NCLH shares at appropriate occasions, the company proposes to seek from its shareholders the disposal mandate subject to certain parameters,” it said.

Genting said the minimum selling price for the remaining stock shall not be less than US$43.86 per share. The sale is expected to take place within a 12-month period following shareholder approval of the sale mandate at a special general meeting.

Genting said it will use the proceeds of the sale to purchase of property, plant and equipment such as construction of ships or the funding new investments should suitable opportunities arise. However, it added that is has no specific plans at this time.