Gaming operator Genting Hong Kong has just announced that it will restart selling shares after it halted trading on March 5. The company is to sell shares in Norwegian Cruise Line Holdings Ltd., a Florida-based cruise ships operator, and is expected to generate a net gain of no less than $218.2 million.
Norwegian Cruise Line Holdings is a publicly traded company. Star NCLC Holdings, a Genting Hong Kong subsidiary, as well as TPG Global, a private equity investment company, are major shareholders in the cruise ships operator.
It was announced that both companies will sell a total of 12.5 million shares or 6.25 million each.
Genting informed local media that the shares sale is an excellent opportunity for the company to generate substantial profits out of its investment in the cruise ships operator. Those 6.25 million shares represent 2.7% of all the Norwegian Cruise Line shares that are to be issued.
Earlier today, Genting stated in a filing on the matter that the aggregate market value of the shares sale was estimated at $320.8 million, based on the closing price of the Norwegian Cruise Line shares on the NASDAQ Global Select Market, where the latter company is listed, on March 5.
Last week, Genting, which is listed on the Hong Kong Stock Exchange, temporarily stopped trading, awaiting the announcement.
Back in January 2013, Genting diluted its stake in Norwegian Cruise Line after an IPO of ordinary shares in the cruise ship operator.
Last week, Genting also announced that it is to acquire Crystal Cruises Inc., a Los Angeles-based owner of cruise ships, and its subsidiaries for the total amount of $550 million. The Asian company stated that it will fund its purchase by means of its current cash as well as bank facilities, if needed.
At present, Crystal Cruises manages two luxurious ships – Crystal Serenity and Crystal Symphony, which can accommodate up to 1,070 and 922 passengers, respectively. Both ships travel to various destinations, the Asia-Pacific region included.
As for Genting, it runs casinos in the vessels, operated by its subsidiary Star NCLC. What is more, it is a co-owner of Resorts World Manila, the first integrated casino resort on the territory of the Philippines, which opened doors back in 2009.
