DD World to take majority stake in Chinese shipyard

The Southeast Asian operations of Dubai Drydocks World (DD World), the ship repair, conversion and building subsidiary of Dubai World, has agreed to acquire a 60% stake in a shipyard in China for $55 million. The acquisition will be a joint venture with Singapore-based Topniche Associates owning the remaining 40% of the shipyard, which is located in the Yangtze River delta. The deal is likely to be finalized by year-end.