Yangzijiang Shipbuilders, together with its non-executive director Yu Kebing and an unnamed Middle East investor, have offered to buy Singapore-based PPL Holdings for US$155 million ($213.2 million), the company said on Saturday.
When the deal is completed, Yangzijiang will own 50.1 per cent of PPL Holdings, while the Middle East investor and Mr Yu will hold 45 per cent and 4.9 per cent respectively. PPL Holdings is currently owned by mainboard-listed Baker Technology. To fund its acquisition of a 50.1-per-cent stake, Yangzijiang said it will issue some 83.6 million new shares at $1.295 each to the Middle East investor to raise the equivalent of about US$77.7 million.
PPL Holdings now owns a 15 per cent stake in PPL Shipyard, which designs and constructs shallow- and deep-water offshore drilling rigs. The remaining 85 per cent of PPL Shipyard is owned by Sembcorp Marine. JO-ANN HUANG
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