All of the convicted are men and 14 have been sentenced to a decade of "rigorous imprisonment"
asia5 hours ago
Sultan Ahmed bin Sulayem, chairman of Dubai World, described the acquisition of Labroy as "integral" to his company, which is diversifying investment plans in Asian states that have remarkable growth.
"The acquisition of Labroy has marked yet another milestone for Drydocks World in consolidating its position in the maritime industry worldwide," he said in a Press statement yesterday.
The statement said Drydocks World has received "irrevocable undertakings" from a significant number of Labroy shareholders to accept the offer covering some 65.49 per cent of all the shares in Labroy.
Rashid Sheikh, group treasurer at Dubai World, said his company has "successfully secured underwriting for this strategic acquisition through regional banks for the full amount of the general offer".
Drydocks World CEO Geoff Taylor vowed to safeguard the continuity of operations at Labroy. He said the senior management teams of both companies would work closely for a smooth handover of the business.
"At this time, Drydocks World does not envisage making major changes to the business, redeploying assets, or discontinuing the employment of any of Labroy's employees," he stressed.
He said Drydocks World will make a comprehensive review of Labroy's businesses with an aim to mapping out future strategies when the offer is done.
The statement noted that both Labroy and Drydocks World have good track records in ship repair, building and conversions, and that Labroy is also engaged in the construction of offshore rigs the oil and gas industry.
It said that Labroy, Drydocks World-Singapore (formerly Pan United Marine Limited) and Dubai Drydocks have large skilled workforces and strong management teams.
It added that Dubai Drydocks also operates Platinum Yachts and Platinum Yacht Managements, which are into luxury craft businesses.
Incorporated in Singapore on April 14, 1980, Labroy is listed on the main board of Singapore Stock Exchange. It has two full-service shipyards on Indonesia's Batam island and a large and diversified fleet of vessels.
All of the convicted are men and 14 have been sentenced to a decade of "rigorous imprisonment"
asia5 hours ago
Many residents in the UAE stressed that maintaining these regular bedtime routines can be difficult as professional lives can often be quite demanding
uae6 hours ago
The UAE reaffirmed its consistent rejection of all forms of violence targeting civilians and undermining security and stability
uae6 hours ago
While you should definitely carry a jacket in the evenings, you should keep an umbrella at hand if you're heading to these areas
weather7 hours ago
A young child was among the dead, and more than 60 people were injured, some of them seriously
europe7 hours ago
Uthappa has represented India in 59 international matches and has been a popular figure in the Indian Premier League
sports7 hours ago
Research shows it is most common among teenagers and young adults, primarily because this age group places high value on peer validation
mental health7 hours ago
The licence can only be obtained after completing the required initial training with an accredited institution
aviation8 hours ago