Genting Hong Kong subsidiary Star NCLC has conditionally agreed to sell 4.36% or 10 million shares of Norwegian Cruise Line Holdings for approximately $590 million. This sale is expected to provide a gain of $44.6 million, money that is planned to be used for funding new investments if there are such opportunities in the near future. Additionally, the funds will also be used for working capital of the company.

After the sale is completed, Genting Hong Kong’s stake in Norwegian Cruise Line Holdings will drop from 17.7% to around 13.3%. The gambling company released statement revealing that the sale proceeds would be payable “by the underwater in cash” to Star NCLC on 13th of August, 2015. Under the agreement, Star NLCL alongside other shareholders agreed to sell a total of 20 million shares of the Norwegian company in a secondary public offering. TPG, a private investment firm, and Apollo, alternative investment manager, are the two other shareholders that accepted the terms offered in the agreement.

Genting Hong Kong shareholders held a special meeting in June, 2015, in order to discuss and authorise disposal of up to 40.57 million shares of the cruise operator. Since that was the remaining number of shares held by the company at the time of the meeting, it can be concluded that the group’s plan is to completely cut its ties with NCLH.

Norwegian Cruise Line Holdings is a cruise operator that is linked to Oceania Cruises, Norwegian Cruise Line and Regent Seven Seas Cruises brands. The brands operate a total of 21 ships and visit over 430 destinations worldwide. However, NCLH in May revealed net loss of $21,456 for the first quarter of the year. In comparison, last year the results for the same period presented net profit of $51,692. Genting HK, on the other hand, showed strong results in the first half of the year and expected net profit of at least $2.1 billion.