Genting Hong Kong Ltd said it is acquiring Exa Ltd, an investment company with interests in luxury yachts and submersibles, for US$37.9 million. Genting Hong Kong, a joint venture partner in the Resorts World Manila casino resort in the Philippines, said the acquisition will “enhance the company’s competitive edge”.
The deal will be done via Genting-subsidiary Star Cruises Terminal (China) Ltd, which operates casino cruises in the Asia Pacific region.
Exa has participations in Italy-based Wider SRL, Singapore-listed Grand Banks Yachts Ltd and U-Boat Worx BV of the Netherlands, companies involved in the design, manufacture and sale of super yachts, power boats and submersibles.
“The company believes potential synergies can be created through future collaboration,” Genting Hong Kong said in a filing to the Hong Kong Stock Exchange on Wednesday.
Exa was previously owned by a private unit trust controlled by Lim Kok Thay and his family. Mr Lim is the chairman and chief executive of Genting Hong Kong. His family controls the Genting group, which owns Genting Hong Kong.
Exa has purchased and ordered from Wider SRL one super yacht and four power boats, according to the filing.
“The acquisition of the vessels will also expand the company’s portfolio of offerings and consequently enhances the company’s competitive edge,” Genting Hong Kong added.
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"If the [Macau casino] concessions are put up for bid, there will also be a lot of giant Chinese companies, some having nothing to do with gaming, which would like to take over these enormously successful casinos”
Professor emeritus at Whittier Law School in California, in the United States, and a visiting professor at University of Macau