GEN HK expects US$14.5 mln gain on NCLH share deal

Dec 16, 2015 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck  

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Genting Hong Kong Ltd, an operator of casino cruise ships and a joint venture casino developer and operator in the Philippines, says the group expects to make a gain of approximately US$14.5 million on expected net sale proceeds relating to a secondary public offering of Norwegian Cruise Line Holdings Ltd (NCLH).

The latter firm is listed on Nasdaq in New York.

A Wednesday filing by Genting Hong Kong to the Hong Kong Stock Exchange said that on Monday Star NCLC Holdings Ltd – a wholly owned Genting Hong Kong subsidiary incorporated in Bermuda – had entered an agreement with Norwegian Cruise Line Holdings and other selling shareholders; including some entities of Apollo Management LP.

Under it, the selling parties will sell some Norwegian Cruise Line Holdings shares to underwriter Goldman, Sachs & Co.

A total of 10,342,055 Norwegian Cruise Line Holdings shares are involved in the disposal exercise, of which 5,171,027 (known as the Genting Disposal Shares) are being sold by Star NCLC.

Genting Hong Kong’s portion of the disposal exercise relates to a mandate granted to its board on June 2 at a special general meeting of shareholders. Under it, the board was authorised to dispose – at times of its choosing over a 12-month period – of the remaining 40,569,334 Norwegian Cruise Line Holdings shares held by the group.

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