Singapore: Malaysian tycoon Robert Kuok completed his majority buyout yesterday of the southeast Asian yards belonging to beleaguered Drydocks World of Dubai. Drydocks World said that the firm’s restructuring $2.2bn of debt has been completed with the sale of a 67% stake in its southeast Asian operations to Pacific Carriers, one of Kuok’s bulker firms.
“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.
PaxOcean has yards in Zhuhai and Zhoushan, China which are involved in repair, newbuilds and conversion. [03/10/12]