July 25, 2007
Over 90 percent acceptance of Dubai offer for PUM
Dubai Drydocks World, the global maritime arm of Dubai World, announced that, as at the close of its offer for the shares of Singapore-based shipyard, Pan-United Marine Limited ("PUM") at 5:30 pm on July 25, it had received acceptances of approximately 92.29 percent of PUM shares.
Geoff Taylor, CEO, Dubai Drydocks World, said: "This is the best outcome we could have hoped for. We are very encouraged by the strong support that PUM shareholders have shown for our offer and look forward to assuming full control of PUM following the exercise of our right to compulsorily acquire the remaining shares in PUM."
Dubai Drydocks World is a Dubai World entity and is the holding company for Dubai Drydocks, Al Jadaf Shipyard and PUM. It also manages Platinum Yachts FZCO and Platinum Yacht Managements LLC, owned by sister Dubai World company Nakheel.
Its flagship company, Dubai Drydocks, has been operating since 1983, and has grown from humble beginnings to a world leader in the ship repair and conversion business. Al Jadaf Shipyard has been operating since the late 1970s and provides a service within the Middle East region to smaller vessel owners. Dubai Drydocks World's latest acquisition, PUM, is an established shipyard with facilities in both Singapore and Batam, Indonesia.