Dubai Drydocks Bids for Singapore Shipyard

Dubai Drydocks World LLC has launched a bid for all outstanding shares of Pan-United Marine Ltd. that values the Singapore shipyard at 648 million Singapore dollars (US$421 million; euro315.5 million).

The offer of S$2.38 per share by the government-owned Dubai Drydocks, a unit of Dubai World, will close July 11, the company said in a statement

Dubai Drydocks, prior to the formal offer, said in a statement May 28 that it had already secured acceptances from shareholders holding 70 percent of Pan-United shares.

Pan-United Marine has ship repair and building facilities in Singapore and Batam, Indonesia.

It posted revenue of S$81.1 million (US$52.8 million; euro39.57 million) and pretax profit of S$13.7 million (US$8.9 million; euro6.67 million) for the three months ended March 31.