Wednesday, July 27, 2011

Sembcorp Marine

Sembcorp Marine: Has started lawsuit against PPL Hldgs over a dispute from Baker Tech's move to sell PPLH to Yangzijiang for US$155m. YZJ wld have gained a 15% stake in PPL Shipyard from the sale, but SMM which owns the bal 85% argued that it had 1st right of refusal to the 15% stake.

Following YZJ's offer, SMM has made an offer to buy the 15% stake at $59.4m. Both parties are also disputing the split of power where the yard is concerned, given that there were 6 SembMar directors on the yard's board vs 3 from PPLH before the lawsuit was filed. Since lawsuit was filed early last yr, YZJ's offer has fallen to US$116m. SMM is asking the High Court to make PPLH transfer the remaining 3m shares in the shipyard to SMM against its offer of $59.4m

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