Genting Hong Kong prepares to sell remaining stake in Norwegian Cruise Line

first_img Load More Resorts World Manila operator announces plans to delist, go private In a filing to the Hong Kong Stock Exchange overnight, Genting Hong Kong said that proceeds from the potential disposal would likely be used for the “purchase of property, plant and equipment such as construction of ships and funding new investments of the group should suitable opportunities arise.”Although it added that disposal of the remaining shares was not guaranteed, the company has already offloaded 22,250,000 NCLH shares since August in three separate disposals, reducing its stake in the process from a high of 11.13%. The most recent of those disposals came only last month with Genting Hong Kong offloading 4.26% for around US$543.6 million.“The group’s strategy has been to realize profits with cash inflow from realization of its investment in NCLH, which has come to the exit phase, and to capture return at opportune times, subject to favorable prevailing share prices and market sentiment,” Genting Hong Kong said. RelatedPosts Travellers International Hotel Group sets tender price for shares in privatization push Genting Hong Kong has flagged its intention to sell off its remaining stake in global cruise operator Norwegian Cruise Line Holdings Ltd (NCLH) after proposing a disposal mandate to shareholders.The disposal mandate would grant Genting Hong Kong permission to dispose of its shares at any time in the next 12 months in order to achieve the highest possible price. The company currently holds 3,148,307 shares in NCLH – equivalent to 1.40% of issued share capital – worth approximately US$168 million. New gaming space sees GGR soar at Resorts World Manila in 1H19last_img

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