Genting Hong Kong announced that Star NCLC, its wholly-owned subsidiary, has conditionally agreed to sell 10 million shares or 4.36 percent of Norwegian Cruise Line Holdings for about $590 million.
The sale, which will result in a gain of $44.6 million, will see Genting Hong Kong’s stake in NCLH fall from 17.7 percent to about 13.3 percent.
“The sale proceeds will be payable by the underwriter in cash to Star NCLC on 13 August 2015 (New York time)…”
The proceeds of the sale will be used as general working capital for the group “and/or to fund new investments of the group should suitable opportunities arise.”
Star NCLC, and other selling shareholders have signed an underwriting agreement to sell a total of 20 million NCLH shares in a secondary public offering.
NCLH is a cruise operator spanning market segments from contemporary to luxury under the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
NCLH has a net asset value of approximately $3.74 billion as at 30 June 2015.