Following the departure last month of Tilli Antonelli and Paolo Favilla, respectively CEO and managing director of Wider Yachts, IBI has learnt that Genting HK now owns the entire company outright. Genting HK, part of the huge $34bn Asian Genting Group led by Tan Sri Lim Kok Thay, bought a majority interest in Wider in 2012.

In a statement Genting HK said: “Wider Yachts confirms the departures of Tilli Antonelli and Paolo Favilla, with the acquisition of 100% of the company by Exa Limited, a wholly-owned subsidiary of Genting Hong Kong Ltd, on 11th of April 2017. Wider Yachts recognises and thanks them for their tremendous vision and passion for the business and wishes them all the best in their future endeavours.

“Wider’s full and immediate attention is on our customers and the completion and delivery of the first Wider 150, now rechristened M/Y Bartali, in June 2017,” the statement adds. “Construction and fit-out is on schedule and the new owner will begin cruising immediately.

“Additionally, work continues with the construction of the Wider 165, project Cecilia, which remains on schedule to be launched in Q1 of 2018. We remain in discussion with a number of interested clients about the sale of Cecilia, as well as future projects, and hope to report further developments in the near future.”

The Wider Yachts vessels, which include the Wider 165, Wider 150 and Wider 125, are built at a facility in Ancona, Italy.

In 2014 Genting HK acquired Exa Ltd, an investment business controlled by Lim Kok Thay and his family with interests in luxury yachts and submersibles, for $37.9m. The shareholding of Wider Yachts was share 50:50% between Exa and Antonelli and Favilla. Exa also holds a near 25% stake in Grand Banks Yachts, which is listed on the Singapore exchange.

At the time of the Exa acquisition, the HK stock exchange filing note said this move would “enhance the company’s competitive edge” and that “the company believes potential synergies can be created through future collaboration”.

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