Dubai?s Drydocks World sets up Asia joint venture

Dubai Dubai?s shipyard operator Drydocks World signed a deal on Wednesday to form a joint venture for its Asian operations with Singapore?s Kuok Group as it tries to close a $2.2 billion (Dh8.08 billion) debt restructuring, the companies said.

The shipbuilder has been working on the deal since at least December, when chairman Khamis Juma Bu Amim first discussed the possibility of sharing control of its Asian businesses.

Financial terms for the Asia deal were not disclosed. Company executives declined to say how much of a stake Kuok would have in the venture.

Bu Amim has repeatedly characterised the planned tie-up as a partnership rather than an acquisition, a theme he reiterated at the deal?s signing in Dubai.

via gulfnews : Dubai?s Drydocks World sets up Asia joint venture.