Bakertech: Announced completion of disposal of entire Issued and Paid-up capital of PPL Holdings, however grp mentioned that shareholders will be kept updated of any material developments relating to its law suit with SembMarine. Recall earlier that grp has in a revised agreement agreed to sell a 50.1% stake in its PPL Holdings unit to QD Asia Pacific, a wholly-owned by Qatari sovereign wealth fund, while Yangzijiang will take a smaller 45% stake in PPL….
Overall sale price for PPL was lowered to US$116.3 million from US$155.0 million. Revised agreement also protects buyers from any fallout from SembMarine's legal action to block initial sale, with new deal structured in such a way that lawsuit by Sembmarine will no longer hinder the sale….
Post disposal, Baker Tech NTA/sh would rise to $0.37, vs $0.14 currently. We note however that the news has been ongoing for quite a while and current price could have already factored in the sale. Technically, see support at $0.41, with near term resistance at recent high of $0.44
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