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With plan to buy Crystal, Genting HK waives right to NCLH board seats, 2 directors resign

With plan to buy Crystal, Genting HK waives right to NCLH board seats, 2 directors resign

In connection with its proposed acquisition of Crystal Cruises, Genting Hong Kong has waived its right to appoint directors to the Norwegian Cruise Line Holdings board. Blondel So King Tak and Kevin C. Jones resigned as directors, effective immediately.

Genting HK had just appointed So and Jones to the NCLH board on March 30, to fill the seats previously held by Tan Sri KT Lim and David Chua.

Genting HK also waived certain consent, notice and consultation and information rights insofar as they relate to Oceania Cruises and Regent Seven Seas Cruises, operated by Prestige Cruises, part of the NCLH group.

An NCL filing noted the Genting HK waiver may be automatically revoked under certain circumstances.

The moves were not a surprise given that Crystal Cruises is considered a direct competitor to the Prestige Cruises brands, and Genting HK directors on the Norwegian board would be privy to competitive information.

Genting HK on March 3 announced plans to acquire Crystal from NYK in a deal that is expected to close during the second quarter. The new owner also expressed its intention to expand Crystal with a newbuild.

Genting HK is NCLH's second largest shareholder, with a 22% stake.

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