Genting Hong Kong selling stake in Dream Cruises
Genting Hong Kong has agreed to offload a 35% share of Dream Cruises to a major investment firm.
Genting HK will receive US$470m from the sale to TPG Darting Ltd which will help fund its expansion and new ship order commitments.
The sale will completed in two phases with the first stock transfer of at least 24.5%.
The proceeds will also improve the cruise line’s liquidity.
"It is intended that the sale proceeds for the disposal will be used as general working capital and capital expenditure for the Group in relation to the construction of the new ships and fund new investments should suitable opportunities arise," the company said.
It currently operates the World Dream, Genting Dream and Explorer Dream, which was transferred from sister line Star Cruises.
It has ordered two new Global-class ships of more than 200,000 gross tonnes each.
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