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FINANCIAL NEWS
UAE’s DDW to complete debt restructuring by March next year
22 Dec 2011
(MENAFN) Drydocks World’s chairman, Khamis Juma Buamim, said that by the end of March 2012, the company would be expected to finish the restructuring of its debt, reported Emirates 24/7.
Buamim added that the shipping company wouldn’t ask for government support, since there was no need for it, adding that there were other ways to gain financial support from; referring to Asian joint ventures that he hoped it would provide the company with the needed finance.
He also said that the company, which had major ship and rig building facilities in Southeast Asian countries including Singapore and Indonesia, had debts that resulted from a multibillion-dollar loan which Drydocks it took to finance its expansion in Singapore.
It is worth noting that Drydocks World is a unit of Dubai World, and expects its 2012’s profits to increase by around 15 percent.
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