Genting Hong Kong is going to sell its shares in Norwegian Cruise Line Holdings (NCLH) to UBS Securities for US$316.9 million (MOP2.5 billion), the cruise and resort operator announced yesterday in a filing with the Hong Kong Stock Exchange market. In total, the number of shares of Genting Hong Kong in NCLH was 6.25 million accounting for 2.7 per cent of the company listed in Nasdaq. ‘The Board considers the offering as a good opportunity for the Group to realize profits with cash inflow from partial realization of its investment in NCHL. The Directors believe that the terms of the offering are fair and reasonable, and in the interest of the Company and its Shareholders as a whole’, the Board explained with regard to the decision to accept the offer. Genting Hong Kong also explained that with this operation the company will gain US$218.2 million (MOP1.7 billion). Last year, NCLH registered a profit of US$338.4 million (MOP2.7 billion), which more than doubled (233 per cent) in comparison to 2013, when the profit was US$101.7 million (MOP813 million). Norwegian Cruise has a net asset value of US$3.25 billion (MOP26 billion). At the same time, UBS Securities also acquired another 6.25 million shares (2.7 per cent) of NCLH from the US private equity firm TPG. Genting Hong Kong has been very active in the market, and last week the company agreed to pay US$550 million (MOP4.4 billion) to Nippon Yusen Kabushiki Kaisha (NYK) for the acquisition of Crystal Cruises in order to enter the high-end cruise market. J.S.F.
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