SPCT project not exposed to Dubai World crisis

The UAE’s Dubai World that asked for a delay to pay US$60 billion in debt on November 25, has said its restructuring process will not involve DP World, the owner of the US$360-million Saigon Premier Container Terminal (SPCT) in HCMC.

Dubai World said in a statement issued last week that the process would relate to its subsidiary Limitless World that had been involved in a US$180-Vị trí đặt quảng cáomillion tourism, housing and commercial and hotel project in the northern province of Quang Ninh.

Limitless World, a unit of Dubai World, is among the three investors involved in this property development project; the other two are Viet My Ha Long Joint Stock Co. and U.S. International Property Investment Partners.

As for the SPCT project, general director Patrick Bol said in a statement sent to the Daily, “SPCT has no exposure to Dubal World issues. DP World is on good financial footing and there is no issue in this respect to SPCT loan facility.”

The statement quotes Dubai World leaders as saying, “The proposed restructuring process will only relate to Dubai World and certain of its subsidiaries including Nakheel World and Limitless World.

“The process will not include Infinity World Holding, Istithmar World and Ports & Free Zone World, the parent company of DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone. All of these companies are on a stable financial footing.”

Another SPCT leader, who represents the state-owned Tan Thuan Industrial Promotion Company (IPC) in the joint venture with DP World, said, “Up to now, DP World is still doing good business. So, Dubai World’s financial problems will not affect SPCT.”

The Saigon Times Daily

Tags: Vietnam Infrastructure, Vietnam investment

Posted by VBN on Dec 8 2009. Filed under Infrastructure. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry