Description
Casino cruise ship operator and Asian land casino investor Genting Hong Kong Inc Genting Dream Ship (pictured) has confirmed the sale of Genting Dream Ship (pictured) for a total of $900 million. The Hong Kong-listed company said in a filing on Tuesday that the figure, part of a September-marked deal including a ship leaseback, was confirmed after two evaluations.
Genting Hong Kong said the payment would be settled once the transaction was completed "on or around January 15, 2020." The sale is part of a transaction that includes a 12-year leaseback agreement beginning on the day the vessel was delivered to the buyer.
In September, Genting Hong Kong said one of its units, Genting Dream Inc., had agreed to sell the Genting Dream vessel for US$900 million, or 80% of its closing price at the time of completion.
In a disclosure Tuesday, the parent company said, "As of the date of this disclosure, we have acquired both primary and secondary evaluations… Therefore, the closing price is the arithmetic average of the primary and secondary valuations (US$1,147.5 million), and the consideration is US$900 million."
In April 2017, the dream cruise brand's first ship, the Genting Dream, embarked on a maiden voyage. The vessel is one of three existing cruise ships operating under the dream cruise business. As of June 30, the vessel had an unaudited net worth of about $862.5 million, according to an earlier filing.
Genting Hong Kong is looking for funding to expand its cruise business. The company has developed a portfolio of three brands that focus on different market segments: Crystal Cruises, which stands for ultra-luxury, Dream Cruises, which stands for premium, and Star Cruises, which defines contemporary segments.
On Aug. 6, Genting Hong Kong announced it was selling up to 35% of its subsidiary Dream Cruise Holdings Inc. for up to $489 million.
The Hong Kong-listed company in December said another company had agreed to sell and re-lease ships under construction for its Crystal Cruise business. The liner, which will be named Crystal Endeavour, is currently being built at one of Genting Hong Kong shipyards in Germany.
BY: 파친코