Genting takes rest of shipyard Lloyd Werft

Malaysian conglomerate exercises call option to take full control of German shipyard.

Genting Hong Kong

Genting Hong Kong is a leisure and hospitality-focused affiliate of Malaysian conglomerate Genting Berhad that controls or has major stakes in three cruise lines.

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Genting Hong Kong has exercised a call option to take full control of shipyard group Lloyd Werft.

The Hong Kong-listed arm of Malaysian conglomerate Genting Group said it will pay EUR 16.5m ($17.9m) for Petram Beteiligungs’s remaining in 30% stake the German shipbuilder.

The deal also included Petram’s 50% stake in Lloyd Investitions und Verwaltungs, Lloyd Werft’s real estate affiliate.

Using the call option to acquire the entire interests of Lloyd Werft and Lloyd Investitions “will place the company in a better position to leverage on the technical know-how and expertise of the shipyard,” Genting Hong Kong said.

Plus, it will allow Genting to expedite its business plans by garnering priority access to Lloyd Werft slots.

The deal is expected to be complete next week.

Genting said it will fund the purchase with internal resources.

The company announced in September that subsidiary  Star Cruises Singapore Investment Holding bought 70% of Lloyd Werft and 50% of Lloyd Investitions from German companies Petram, Ehlerding Beteiligungs and BLG Logistics Group.

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