Genting Hong Kong has announced it has raised US$453.9 million through the sale of a 32.2 percent stake in its Dream Cruises subsidiary.
The funds, generated by a single purchaser, will help fund the expansion of the company’s cruise business.
Genting announced in August that it planned to sell 35 percent of Dream Cruises to Canada’s TPG Darting, which is owned by TPG Capital Asia and Growth Funds. The company made the deal both to strengthen its balance sheet and allow it to expand its fleet of cruisers. It fell short of the $488.6 million it expected to raise from the sale.
“The disposal would also reduce the group’s financial burden in meeting future funding requirements in relation to Dream Cruises’ business,” the company said. “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 global-class ships) and/or to fund new investments of the group should suitable opportunities arise.”
The firm said the purchaser has acquired 322 common shares in Dream Cruises, representing about 32.2 percent of the issued share capital.
