Genting Hong Kong Takes Remaining Stake in Lloyd Werft

  • Business & Finance

Genting Hong Kong Limited said in a stock exchange filing that it has exercised the call option to buy the remaining 30% in German shipbuilder Lloyd Werft.

The deal has been carried out for a total consideration of EUR 16.4 million and includes approximately 50% stake in Lloyd Investitions und Verwaltungs, Lloyd Werft’s real estate arm.

“The Board is of the view that the exercise of the call option will enable the company to acquire the entire interests in LIV and LWB, and will place the company in a better position to leverage on the technical know-how and expertise of the shipyard, thus allowing the company to expedite its business plans through timely and priority access to newbuilding slots at competitive pricing,” the leisure company said.

The deal was first announced on 18 September 2015 saying that Star Cruises Singapore Investment Holding Pte. Ltd., an indirectly wholly-owned subsidiary of Genting Hong Kong, and Petram Beteiligungs GmbH, Ehlerding Beteiligungs GmbH and BLG Logistics Group AG & Co. KG entered into a share purchase agreement allowing Genting to take a majority stake in Lloyd Werft.

Before the agreement was announced Genting Hong Kong had signed a letter of intent with Lloyd Werft to build three of Crystal’s Exclusive Class ships, with the first of these polar class vessels expected for delivery in late 2018.

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