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Mon 6 Aug 2007 10:15 AM

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PUM deal boosts Dubai Drydocks World’s global strength

Dubai Drydocks World, the global maritime arm of Dubai World announced in July that is has formerly taken control of Asian shipyard operator Pan United Maritime.

Dubai Drydocks World, the global maritime arm of Dubai World announced in July that is has formerly taken control of Asian shipyard operator Pan United Maritime. With acceptances of approximately 85% of PUMs shares, in connection with a voluntary conditional cash offer for the Singapore-based shipyard. The deal put a value of US$428.88 million for the PUM group.

A top-level team, led by Sultan Ahmed Bin Sulayem, Chairman, Dubai World, was present in Singapore for the event. PUM is Dubai Drydocks World's first major overseas acquisition and strategically complements Dubai Drydocks World's existing network of shipyard facilities.

"This is a great day for Dubai and Dubai World. And we believe it's more so for Dubai Drydocks World since PUM represents its maiden large scale venture at the international level," enthused Sultan Ahmad Bin Sulayem, Chairman, Dubai World.

"We are committed to long-term strategic investment in Asia as a whole. Dubai and Singapore are acknowledged leaders in the global maritime sector and we are confident that Dubai Drydocks World's presence in Southeast Asia will create new growth opportunities in the industry that will benefit
both sides."

Four of Dubai Drydocks World's nominees have been appointed to PUM's board of directors including Geoff Taylor, CEO, Dubai Drydocks World.

"The formal takeover of PUM's management and operations in Singapore and Batam, Indonesia, is both exciting and challenging. The senior management of Dubai Drydocks World is determined to ensure a seamless transfer of control," stressed Taylor at the handover. "At this time we have no intention to introduce any major changes to the business, redeploy any of the fixed assets, nor discontinue the employment of any of PUM's employees," he added.

PUM has facilities in both Singapore and Batam, Indonesia, and is listed on the Singapore Stock Exchange. The company is strongly aligned with the activities of Dubai Drydocks World given its involvement in ship repair, ship building and conversions.

Dubai Drydocks World is a wholly-owned entity of Dubai World and comprises the recently merged entities of Dubai Drydocks and Al Jadaf Shipyard.

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