Malaysia's Genting Group fully acquires the Wider shipyard

Genting Group, a Malaysian conglomerate with interests in the entertainment industry, has increased its stake in Italian shipyard Wider to 100% through its cruise line Crystal Cruises.

Genting Group acquired a 50% stake in Wider Yachts in December 2012 through a capital increase.

The Italian shipyard attracted investment from the Asian company a year after its founder Tilly Antonelli, former CEO of Pershing, announced plans for Wider to enter the superyacht market with the introduction of the Wider 150.

The Wider 150 was originally expected to be bought by the Genting Group, but the yacht found a private buyer and a Malaysian investor invested in an even larger model, the Wider 165 Cecilia. This boat, currently still under construction, has been put up for sale, but if Cecilia does not find an owner by the time it launches in the first quarter of 2018, Genting Group will be its buyer, writes Yacht Harbour.

In addition to Wider, Genting Group has a 24.85% stake in Grand Banks Yachts and a 15% stake in luxury private submarine maker U-Boat worx, and also holds a majority stake in Lloyd Werft, a German shipyard that builds cruise liners. Lloyd Werft also built the megayacht Luna for Russian billionaire Roman Abramovich.

Asian big business has been very active in the superyacht market in recent years, buying stakes in the leading players.

For example, in 2012 Chinese conglomerate Weichai bought a controlling stake in Ferretti Group, and in 2013 Wanda Group acquired Sunseeker. In 2016, Lai Sun Group bought almost half of Camper & Nicholsons International.