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Genting HK completes latest sell-down of Norwegian Cruise Line shares for US$543 million

Friday, 02 March 2018 04:54
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Genting Hong Kong has announced the sale of most of its remaining stake in Norwegian Cruise Line Holdings Ltd (NCLH), reducing its shareholding to 1.41% from a high of 11.13% less than seven months ago.

In a filing to the Hong Kong Stock Exchange, the company revealed it had agreed to sell a 4.26% stake of NCLH’s total issued shares for a consideration of around US$543.6 million, reducing its holding from 5.64% and representing a gain of US$24.4 million.

It’s the third time in three months that Genting HK has sold down its stake in NCLH, having offloaded a 3.29% interest in August and another 2.19% in November.

Genting HK said it considered the sale of shares to be a good opportunity for the group to realize profits with cash inflow from partial realization of its investment in NCLH.

The company announced last month that it expects to record a consolidated net loss of between US$240 million and US$270 million for the year ended 31 December 2017, narrowed from a loss of US$537 million in 2016. It added at the time that the narrowing of losses was a result of US$205 million gained from the sale of shares in Australian casino operator Star Entertainment Group as well as Norwegian Cruise Line Holdings Ltd.

Full financial results for 2017 are expected to be released in March.

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