Genting HK buys stake in German port

Genting Hong Kong has entered into an agreement to buy a stake in shipyard operations and related leasing rights in the German port of Bremerhaven to facilitate its fleet expansion.

Star Cruises Singapore Investment, a subsidiary of the company, has agreed to acquire 50 percent of the total share capital of real estate company Lloyd Investitions-und Verwaltungs (LIV) and 70 percent of  shipyard owner Lloyd Werft Bremerhaven (LWB).

“The acquisition of the LIV Shares and the LWB Shares will provide the Company with an interest in the underlying assets of LIV and LWB, which include shipyard operations (construction, maintenance and engineering) and related leasing rights, in the Port of Bremerhaven, Germany,” Genting HK said in a filing.

The consideration is EUR17.5 million ($19.7 million), allocated as 55 percent to the LIV shares and 45 percent to the LWB shares.

"The transaction will enable the company to leverage technical know-how and expertise of a reputable shipyard with a well-established and long track record in the shipbuilding industry, thus allowing the company to expedite its business plans through...priority access to new building slots at competitive pricing," the company added.

 

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