A company linked to Malaysian billionaire Robert Kuok is close to a deal to buy a majority stake in the Southeast Asia operation of Dubai shipbuilder Drydocks World, two sources said on Tuesday.
Drydocks, the shipbuilding and repair arm of Dubai World DBWLD.UL that is restructuring $2.2 billion of debt, sought insolvency protection in April. It is scheduled to announce a "global strategic alliance agreement" in Dubai on Wednesday.
The sources, speaking on condition of anonymity, said the business linked to Kuok Group, the conglomerate owned by Robert Kuok, is poised to take a majority stake in Drydock's operations in Singapore and Indonesia. It was not immediately clear which Kuok subsidiary would perform the transaction.
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