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Drydocks sells stake in Asia operations

Dubai's Drydocks World has entered into a joint venture deal with a company backed by Malaysian billionaire Robert Kuok that could see the Asian firm buy as much as 70% of its southeast Asian business, Reuters has reported, citing unnamed sources. Drydocks, which sought insolvency protection in April as it restructures $2.2bn of debt, said it would form a joint venture with Pacific Carriers, part of Kuok Group, to hold its southeast Asian shipbuilding and repair business. Financial terms were not disclosed. The sources said Pacific Carriers would take a 60 to 70% stake in the new company, DDW-PaxOcean Asia. The deal is slated to close in the third quarter this year.