• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN HK to net US$57mln from Norwegian cruise share sale

Nov 17, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  


GEN HK to net US$57mln from Norwegian cruise share sale

Casino cruise ship operator and Philippine casino investor Genting Hong Kong Ltd announced on Friday a deal to sell a 2.19-percent stake in Norwegian Cruise Line Holdings Ltd, a business listed in Nasdaq in New York. Genting Hong Kong is selling a total of 5 million shares for approximately US$270.1 million, after deduction of the relevant estimated expenses, it said in a filing.

The Hong Kong-listed company said it expects to book a gain of approximately US$57.4 million, representing the difference between the expected proceeds from the disposal and the carrying value of the shares. The sale will be done via Genting Hong Kong’s wholly-owned subsidiary Star NCLC Holdings Ltd.

The company said that the proceeds from the disposal “will be used as general working capital and capital expenditure for the group and/or to fund new investments, should suitable opportunities arise”.

Upon completion of the exercise – expected for Monday – Genting Hong Kong will still control a stake of approximately 5.64 percent in Norwegian Cruise Line. The stake will continue to be labelled as an “available-for-sale investment”, the firm said. Norwegian Cruise Line has operations around the globe, including Asia.

Genting Hong Kong sold in August a 3.29-percent stake in Norwegian Cruise Line for US$409.1 million, with the company recording a net gain of US$90.1 million.

Genting Hong Kong – a subsidiary of Malaysian conglomerate Genting Bhd – has been accelerating expansion plans for its own cruise business and has developed a three-brand portfolio of cruise lines serving different parts of the market: Crystal Cruises for what it terms the ultra-luxury segment; Dream Cruises for what it describes as the premium segment; and Star Cruises for what it defines as the “contemporary” segment.


  • tweet
Related articles
  • New Lim cruise biz only months after GEN HK in liquidation
    New Lim cruise biz only months after...

    May 18, 2022  

  • Resorts World Cruises name lodged in Singapore
    Resorts World Cruises name lodged in...

    Apr 19, 2022  

More news
  • Kangwon drove 2021 S.Korea casino revenue growth: govt
    Kangwon drove 2021 S.Korea casino...

    May 18, 2022  

  • Over 7.9mln Bloomberry shares vested to some senior execs
    Over 7.9mln Bloomberry shares vested to...

    May 18, 2022  


Latest News

New Lim cruise biz only months after GEN HK in liquidation

New Lim cruise biz only months after GEN HK in liquidation

May 18, 2022  

A casino cruise brand reportedly controlled by Malaysian entrepreneur Lim Kok Thay is to launch services from Singapore fewer than five months after the Lim family-founded Dream Cruises brand of the...
Read More
Kangwon drove 2021 S.Korea casino revenue growth: govt

Kangwon drove 2021 S.Korea casino revenue growth: govt

May 18, 2022  

Over 7.9mln Bloomberry shares vested to some senior execs

Over 7.9mln Bloomberry shares vested to some senior execs

May 18, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$10 billion

Target set by gaming equipment and online content provider Light & Wonder for total capital creation from 2022 to 2025



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for ChinaU.S. says Steve Wynn ‘foreign agent’, lobbied for China May 18, 2022
  • Alleged bribe offer to ex-Wynn manager probed by HK, MacauAlleged bribe offer to ex-Wynn manager probed by HK, Macau May 17, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us