GGRAsia – GEN HK allowed to sell remaining Norwegian Cruise shares

GEN HK allowed to sell remaining Norwegian Cruise shares

Jun 18, 2018 Newsdesk Latest News, Philippines, Top of the deck

The shareholders of casino ship operator and gaming investor Genting Hong Kong Ltd have approved a resolution giving the firm a mandate for the disposal of its remaining shares in Norwegian Cruise Line Holdings Ltd, a business listed on Nasdaq in New York, United States.

An overwhelming majority of shareholders voted in favour of the resolution during a special general meeting held on Friday.

Genting Hong Kong currently owns close to 3.15 million shares in the share capital of Norwegian Cruise Line, equivalent to a stake of 1.4 percent.

The resolution approved on Friday allows the management of Genting Hong Kong to dispose of the shares in Norwegian Cruise over the next 12 months.

The mandate states that the minimum selling price cannot be less than US$43.86.

The firm said in April that there was “no assurance that the company will proceed with the future disposal within any particular time frame after obtaining the disposal mandate. Whether and when the company will embark on the future disposal depends on a number of factors including the then prevailing market prices and market conditions at the relevant time,” Genting Hong Kong added at the time.

Genting Hong Kong has been reducing its position in Norwegian Cruise Line since 2017.

Genting Hong Kong – a subsidiary of Malaysian conglomerate Genting Bhd – is an investor, alongside Philippine conglomerate Alliance Global Group Inc, in Travellers International Hotel Group Inc. The latter operates the Resorts World Manila casino complex in the Philippines.