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Genting HK unit orders RM3bil cruise ship

Genting HK unit orders RM3bil cruise ship

NEW YORK: Genting Hong Kong Ltd, the largest shareholder in Norwegian Cruise Line Holdings Ltd, has ordered a 1,682-passenger-cabin cruise ship from a German shipbuilder for 707.2 million euros (RM3.06bil) to meet Asian demand.

The new ship was scheduled for delivery from Meyer Werft GMBH on Oct 12, 2016, the company said in a Hong Kong stock exchange filing. Genting said it planned to use the vessel to serve China, Taiwan and Hong Kong, where it was based.

Genting said the vessel would “enable the group to take advantage of growing demand for cruise business in the Asia-Pacific market and the port infrastructure developments in Hong Kong and Asia which enable large cruise ships to dock.”

Genting Hong Kong owns a 37.7% stake in Norwegian Cruise Lines, the third-largest US cruise operator, according to data compiled by Bloomberg. Genting is controlled by Tan Sri Lim Kok Thay, billionaire chairman of Kuala Lumpur-based Genting Bhd.

Meanwhile, Reuters reported The Philippines’ Travellers International Hotel Group Inc, Genting Hong Kong’s joint venture with Philippine conglomerate Alliance Global Group Inc, had set an indicative initial public offer price of 10.65 to 11.88 pesos per share as it looks to raise as much as US$499mil, or about half of what it had initially planned from the share offer.

Travellers plans to raise US$389mil to US$434mil from the share sale. That excludes a greenshoe option that, if taken, would lift the total issue to US$499mil, according to the company’s term sheet. — Agencies

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By tmediablog

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