Drydocks Denies Selling Southeast Asia Assets, Albayan Says

Feb. 8 (Bloomberg) -- Drydocks World LLC, the company controlled by Dubai World, has no plans to sell its assets in Southeast Asia and is looking for partnerships that will help bring its business there to profitability by next year, Albayan newspaper reported, citing Chairman Khamis Juma Buamim.

The chairman denied a report yesterday by Dow Jones, which said the company was considering the sale of its Southeast Asian ship-building and repair operations as part of a restructuring of $2.2 billion of debt, citing unidentified bankers.

Drydocks in Southeast Asia has taken steps toward entering “strategic partnerships” with local and international companies, Buamim told the newspaper. This will enable it to increase revenues by 30 percent and cut operating costs by 70 percent next year, he added.

To contact the reporter on this story: Tamara Walid in Dubai at twalid@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net