Genting HK seeks new NCLH share disposal mandate

Genting HK's 2014 mandate for selling up to just under 56.82m NCLH shares is expiring on April 25 and, as expected, a new 12-month mandate has been proposed.

In a filing Tuesday, Genting HK said the future disposal may constitute a major transaction or a 'very substantial disposal.'

Under the 2014 mandate, Genting HK has sold 6.25m NCLH shares to date. The company continues to own just under 50.6m NCLH shares, or 22.1% of the total issued and outstanding NCLH shares.

The mechanism for selling future shares would be in the open market at market price or through secondary public offering(s)—in either case, for not less than US$19 per share.

Genting HK said it would apply any proceeds of future NCLH share sales as general working capital and/or to fund new investments should suitable opportunities arise.

The company is in the process of acquiring Crystal Cruises and last week obtained Hong Kong Stock Exchange permission for an extension to provide a circular to shareholders with details of the purchase agreement, the financial information of Crystal and other general information.

According to stock market rules, the circular was required to be dispatched to shareholders within 15 business days of the March 3 announcement of the acquisition.

Genting HK received a waiver to extend the dispatch of the circular to June 22.