Genting Hong Kong to acquire 70% stake in German shipyard

PETALING JAYA: Cruise and resort company Genting Hong Kong Ltd will invest some 17.5 million euros (RM84.4 million) to acquire a 70% stake in Lloyd Werft Shipyard in Bremerhaven, Germany, and a 50% ownership of the shipyard land.

Its chairman and CEO Tan Sri Lim Kok Thay said ownership of Lloyd Werft will enable the company to leverage on the shipyard's technical expertise, as well as its well-established and long track record in the shipbuilding industry.
"Lloyd Werft has already built and lengthened six ships owned by an affiliate of Genting Hong Kong and has the expertise to build a series of world-class cruise ships for the company, which will include the Exclusive Class vessels for Crystal Cruises, the most awarded luxury cruise line in the world," he noted.
In July, Genting Hong Kong signed a letter of intent with a view to build "Exclusive Class" cruise ships at Lloyd Werft, to enhance the competitiveness of its luxury cruise provider, Crystal Cruises.
Lloyd Werft, which was founded in 1857, is involved in new construction, repairs, conversions, modernisation and completion of ships. Its yard is situated on 260,000 sq m, and comprises six docks and a 1,600m pier.
Genting said it will complete the acquisition "subject to the fulfilment of certain final purchase conditions".