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Drydocks World extends time for PUM takeover

Drydocks World extends time for PUM takeover

Singapore: Dubai World subsidiary Drydocks World has announced a two week extension of its takeover offer for Singapore-listed Pan United Marine (PUM) to 25 July. The Middle East-based company, which gained control of 84.82% of PUM on Wednesday, has already appointed four nominees to PUM's board of directors. This is Drydocks World's first major overseas acquisition. The company which valued PUM at S$650m ($428.8m), has made an offer of S$2.38 per share.

Dubai World chairman Sultan Ahmed Bin Sulayem (pictured left) said, "Dubai and Singapore are acknowledged leaders in the global maritime sector and we are confident that Drydocks World's presence in Southeast Asia will create new growth opportunities in the industry that will benefit both sides."

Drydocks World ceo Geoff Taylor (pictured right) said, "The acquisition of PUM, an established and well-managed shipyard in Southeast Asia, is a strategic first step in taking the expertise of the Drydocks World group companies to the international stage. The formal takeover of PUM's management and operations in Singapore and Batam, Indonesia, is both exciting and challenging. We also have no intention to increase the offer price for the remaining shares before the final closing date on July 25."

After takeover it is envisaged the Pan United yards will be rebranded Drydocks World Singapore and Drydocks World Batam.

The four new members nominated to PUM's Board of Directors are: Joao M A G Macedo as md, Mr Krishna Kumar Sattanathan as executive director, Geoffrey Harold Taylor as non-executive director, and Sameer Y Khan as non-executive director.  [13/07/07]