DUBAI: Drydocks World, a maritime holding company belonging to the government of Dubai, said on Monday it had bought Singapore’s Labroy Marine for 1.63 billion dollars in a further sign of the booming Gulf emirate’s plan to aggressively expand its global holdings.
Drydocks World, part of the Dubai World group, said in a statement it had received “irrevocable undertakings from substantial shareholders to accept the offer... in respect to approximately 65.49 percent of all shares in Labroy.”
Government-controlled or backed firms and investment funds from Dubai have chased strategic targets such as European aerospace giant EADS, owner of Airbus, in which Dubai International Capital bought a 3.12-percent stake.
They have also sought to a acquire brand names such as the upscale Barneys New York retail chain, which Istithmar, another investment arm of the emirate, wrested from a rival Japanese bidder.
Labroy is a marine construction and engineering group, focusing on building and repairing ships as well as offshore rig construction and shipping, the statement said.—AFP
