GENTING Hong Kong, which owns a 50 per cent stake in Norwegian Cruise Line Holdings (NCLH), will see its share shrink after the latter announced the launch of its initial public offering last week.
The proposed IPO of the ordinary shares of NCLH commenced on January 8 and NCL Corporation’s (NCLC) outstanding ordinary shares will be exchanged for the ordinary shares of NCLH, a newly formed holding company. As a result NCLH will become the owner of 100 per cent of the ordinary shares of NCLC.
After the deal, Genting Hong Kong is expected to hold 44.1 per cent of NCLH, assuming there is no exercise of the underwriters’ option to purchase additional shares, or 43.4 per cent if there is.
NCLH is also co-owned by Apollo Group and TPG Viking.
Although the company declined to comment further, in a statement posted on the Hong Kong stock exchange website, it said: “The company does not currently intend to offer any of its equity interests for sale in the offering.
“The board wishes to highlight to the shareholders that there is no assurance that the offering will be completed. The listing timetable and particulars of the offering are yet to be confirmed and finalised.”
