Drydocks World, part of the Dubai World group, said in a statement it had received "irrevocable undertakings from substantial shareholders to accept the offer ... in respect to approximately 65.49 percent of all shares in Labroy."
Government-controlled or backed firms and investment funds from Dubai have chased strategic targets such as European aerospace giant EADS, owner of Airbus, in which Dubai International Capital bought a 3.12-percent stake.
They have also sought to a acquire brand names such as the upscale Barneys New York retail chain, which Istithmar, another investment arm of the emirate, wrested from a rival Japanese bidder.
Labroy is a marine construction and engineering group, focusing on building and repairing ships as well as offshore rig construction and shipping, the statement said.
"The acquisition of Labroy, an established shipyard in Southeast Asia, is another well thought-out strategic step in taking the expertise of the Drydocks World group of companies to the international stage," Drydocks World CEO Geoff Taylor said in the statement.
Dubai, which is fast becoming a global financial and tourism hub, is a member of the United Arab Emirates federation.
© 2007 Agence France-Presse
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