Genting HK completes acquisition of shipbuilding firm

Genting HK announced that it has completed the transaction to acquire German shipbuilding firm Lloyd Werft Bremerhaven AG for EUR17.5 million ($18.6 million).

The completion took place on November 23 (German time) for 70 percent of the German shipyard owner and 50 percent of Lloyd Investitions-und Verwaltungs GmbH, a company that provides letting and leasing services.

“The acquisition of the LIV Shares and the LWB Shares provides 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,” the company said in a filing.

The provision of dock facilities, personnel and services allows better use of dock facilities and generates additional sources of revenue to LWB Group, Genting said.