After announcing last month that it will be de-listing its shares from Singapore’s stock exchange, casino and cruise ship operator Genting Hong Kong Limited has now revealed that it has agreed a deal to offload a 2.19% stake in Norwegian Cruise Line Holdings Limited for approximately US$270.1 million.
Hong Kong-based Genting Hong Kong Limited, which is a subsidiary of giant Malaysian firm Genting Group, explained that the transaction concerning Norwegian Cruise Line Holdings Limited is to be carried out by its own Star NCLC Holdings Limited subordinate and should see it book a profit of around $57.4 million.
Genting Hong Kong Limited, which was formerly known as Star Cruises Limited, recorded a profit of $90.1 million in August after selling off a 3.29% stake it held in Norwegian Cruise Line Holdings Limited and it declared that the latest deal for five million shares in the 25-vessel cruise ship operator is to see its total stake in the enterprise drop to about 5.64%.
Responsible for the Crystal Cruises, Dream Cruises and Star Cruises brands, Genting Hong Kong Limited moreover partnered with Manila-based Alliance Global Group Incorporated in 2013 to establish Travellers International Hotel Group Incorporated in order to operate the Resorts World Manila integrated casino resort in the Philippines.
“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 Norwegian Cruise Line Holdings Limited,” read a statement from Genting Hong Kong Limited. “The directors believe that the terms of the offering are fair and reasonable and in the interests of the company and its shareholders as a whole.”
Genting Hong Kong Limited further stated that its remaining stake in Nasdaq-listed Norwegian Cruise Line Holdings Limited is to remain as an ‘available-for-sale investment’ while it anticipates utilizing the proceeds from the impending transaction for ‘general working capital and capital expenditure’ or to ‘fund new investments’ providing that ‘suitable opportunities arise’.