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Genting Hong Kong to dispose of 35% interest in Dream Cruises for US$470 million

Newsdesk by Newsdesk
Wed 7 Aug 2019 at 06:26
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Genting Hong Kong has reached an agreement to sell a 35% stake in global cruise ship company Dream Cruises in order to raise cash for expansion of its fleet.

In a filing with the Hong Kong Stock Exchange, Genting HK – which currently operates three ships – Genting Dream, World Dream and Explorer Dream – revealed it had agreed to sell the stake to an investment holding company owned by Canada’s TPG Darting Ltd, which is in turn owned by TPG Capital Asia and Growth Funds. The sale will see Genting HK’s ownership fall from 100% to 65%.

The company added it has no plans to hold a Special General Meeting to vote on the disposal, having instead obtained written shareholders’ approval from a “closely allied” group of shareholders comprising Golden Hope, Joondalup and Genting Group Chairman Tan Sri Lim Kok Thay, which together hold 75.12% of issued share capital.

The transaction will see Genting HK record a gain of around US$470 million.

Explaining the reasons for the disposal, Genting HK said it would “strengthen the Group’s balance sheet and its ability to continue to expand its fleet in the cruise industry. The disposal would also reduce the Group’s financial burden in meeting future funding requirements in relation to Dream Cruises’ business.”

In particular the company said the disposal would “position it strongly to fund its continued expansion and new ship building program on completing two ‘Global Class’ ships in MV Werften, the first of which will be delivered in early 2021 and the second in early 2022.

“As the largest cruise operator in the Asia Pacific region with a leading market share, the company is well positioned to further capitalize on its industry leader position. The Board considers that the fastest growing Asian middle-class market provides attractive and compelling business opportunities on which the company will focus its attention and resources.”

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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