Genting Hong Kong has sold its entire remaining stake in global cruise operator Norwegian Cruise Line Holdings Ltd (NCLH) for a consideration of US$158.8 million.
In a filing to the Hong Kong Stock Exchange on Tuesday, Genting HK said it had sold its entire holding of 3,148,307 shares in NCLH – equivalent to 1.44% of shares – after announcing in April its intention to offload its remaining stake.
The company had previously revealed that proceeds from the disposal would likely be used for the “purchase of property, plant and equipment such as construction of ships and funding new investments of the group should suitable opportunities arise.”
Genting HK had already offloaded 22,250,000 NCLH shares since August 2017 in three separate disposals, gradually reducing its stake from a high of 11.13%. Its previous disposal on March 2018 comprised a 4.26% stake for US$543.6 million.
“The group’s strategy has been to realize profits with cash inflow from realization of its investment in NCLH, which has come to the exit phase, and to capture return at opportune times, subject to favorable prevailing share prices and market sentiment,” the company said.