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Drydocks World completes stake sale of port operations

Drydocks World completes stake sale of port operations

Gulf News

Dubai: Drydocks World, a Dubai-based ship-building and repair firm restructuring $2.2 billion of debt, said on Tuesday it completed the sale of a 67 per cent stake in its Southeast Asian operations to Pacific Carriers, an Asian shipping company owned by Malaysian tycoon Robert Kuok.

Drydocks in June said it was setting up a joint venture with Pacific Carriers without providing financial details.

“PCL (Pacific Carriers) acquired and subscribed to 67 per cent of the shareholding of” Drydocks Southeast Asia, the company said. “DDW SEA had recently completed a debt restructuring scheme in Singapore resulting in DDW SEA being a debt-free company,” it added.

The new entity will be renamed as DDW-PaxOcean Asia Pte Ltd and comprises a shipyard in Singapore, three shipyards in Indonesia and a shipping division.