Dubai Drydocks Moves into Singapore Market

Dubai Drydocks World LLC (DD World), the recently-launched maritime holding company, and a member of Dubai World, announced its first major overseas acquisition by making a voluntary conditional cash offer for Pan-United Marine Limited (PUM) of Singapore. PUM is a major shipyard with facilities in both Singapore and Batam, Indonesia. DD World made a voluntary conditional cash offer for all the issued and paid-up ordinary shares of PUM and has received irrevocable undertakings from the controlling shareholders of PUM to accept the Offer from DD World in respect of 70 per cent of all the shares in PUM in the aggregate. Like DD World, PUM is involved in ship repair, ship building and conversions.