Selling shareholders – including a unit of casino cruise ship operator and Philippine casino investor Genting Hong Kong Ltd – have arranged the disposal of 12.5 million shares in Norwegian Cruise Lines Holdings Ltd (NCLH), a business listed on Nasdaq in New York.
The exercise – described by Genting HK as a secondary public offering – also involves shares in NCLH held by private investment firm TPG Global LLC.
A Genting HK unit called Star NCLC Holdings Ltd is proposing to sell 6,250,000 NCLH shares representing approximately 2.7 percent of the total issued and outstanding NCLH shares.
“The board considers the offering as a good opportunity for the group to realise profits with cash inflow from partial realisation of its investment in NCLH,” said Genting HK of its portion of the shares.
Based on the closing price of the NCLH shares on the Nasdaq Global Select Market on March 5 – the date of the underwriting agreement – the aggregate market value of the Genting HK disposal shares is approximately US$320.8 million, the firm said in a filing to the Hong Kong Stock Exchange on Monday. Genting HK’s own shares had been suspended on Friday in Hong Kong pending the announcement.
Genting Hong Kong added on Monday that its net gain from the exercise would be approximately US$218.2 million.
In January 2013, the firm diluted its equity stake in NCLH as a result of an initial public offering of ordinary shares in the entity.
Genting HK operates casino facilities in its Star Cruises-branded vessels (pictured) and is a joint venture partner in two Philippine casino resorts.
On March 4, Genting HK said it had reached a deal to acquire the entire equity interest in Crystal Cruises Inc, a Los Angeles, California-based operator of luxury ships, for US$550 million.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia