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Old July 30th, 2013, 09:01 PM
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Default Genting to reduce stake in NCL

NCL's stock has done very well recently, in the last quarter they reported higher than average earnings, but it was offset by restructuring some debt.

ANYWAY - the big story here is that Genting - the holding company that originally bought NCL (based in Malaysia) but who sold a large portion of it to Apollo Management, is planning to reduce its stake in NCL. giving even more control to Apollo - but also possibly putting some pressure on the stock.

If you are a shareholder, you should be aware. Here is the press release:

(Reuters) - Passenger cruise ship operator Genting Hong Kong Ltd said on Wednesday it and other shareholders will sell a total of 23 million shares in Norwegian Cruise Line Holdings Ltd.

As part of the sale, Genting will sell up to 11.5 million shares, reducing its stake in Norwegian Cruise Line to as low as 37.7 percent, the company said in a filing to the Hong Kong bourse.
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