SINGAPORE - A wholly-owned subsidiary of Genting Hong Kong has conditionally agreed to sell 10 million shares or 4.36 per cent of Norwegian Cruise Line Holdings (NCLH) for about US$590 million (S$826.65 million).

The sale will result in a gain of US$44.6 million, with proceeds to be used for working capital and to fund new investments should opportunities arise, the company said.

Post-sale, Genting Hong Kong's stake in NCLH will fall from 17.7 per cent to about 13.3 per cent.

The gaming firm, which is listed in Singapore and Hong Kong, said on Wednesday (Aug 12) that its wholly owned subsidiary, Star NCLC, and other selling shareholders have signed an underwriting agreement to sell a total of 20 million NCLH shares in a secondary public offering.

Other selling shareholders are the alternative investment manager Apollo and private investment firm TPG.

Genting Hong Kong shareholders had at a special general meeting in June granted a disposal mandate, authorising the board to dispose up to 40.57 million NCLH shares over a year, or the amount of remaining NCLH shares held by the group at the time.

Nasdaq-listed NCLH posted in May a net loss of US$21,456 for the three months to March 31, compared with a net profit of US$51,692 a year prior.

NCLH is a diversified cruise operator of the brands Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.