Reuters reported unnamed sources as saying a Robert-Kuok-linked company is close to a deal to buy a controlling stake in the Southeast Asia operations of Drydocks World, the shipbuilding and repair arm of Dubai World that is restructuring $2.2bn of debt.
Drydocks World sought bankruptcy protection in April and was set to make a strategic alliance announcement in Dubai later today. The report said sources added that the company, believed to be a Kuok-linked subsidiary is set to take a majority stake in Drydock's operations in Singapore and Indonesia.
Drydocks' Southeast Asia operations consist primarily of shipyards and rigbuilders in Singapore and Indonesia. Chairman Khamis Juma Buamim said earlier this year that the company is eyeing joint ventures for its Southeast Asia business, which could be sold off later to prospective partners if they proved to be successful
All news