Cruise Operator Carnival To Sell Shares Worth $500m
Carnival Corp has said that it will sell shares worth $500 million, as the cruise operator restarts its operations after a long break due to the COVID-19 pandemic.
Money raised will be used to purchase ordinary shares of Carnival Plc, trading in the UK, and for general corporate purposes, the company said.
The cruise operator has raised over $2.5 billion by selling its shares over the past year as travel restrictions due to the pandemic brought its business to a standstill.
Expected To Burn More Cash
With cruises ordered to operate with fewer passengers onboard while following strict hygiene and sanitisation protocols, Carnival and others are expected to burn more cash to stay in business.
Cruises From US Ports
Cruise operators began sailing from US ports last week with mostly vaccinated passengers and crew.
Shares of Carnival and peers Royal Caribbean Group and Norwegian Cruise Holdings Ltd were down approximately 2% each.