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Sembcorp challenges Yangzijiang over PPL stake

Singapore: Sembcorp Marine has challenged Yangzijiang Shipbuilding Holding's move to acquire an indirect 15% stake in PPL Shipyard. Yangzijiang announced on April 17 it had issued a binding offer to Baker Technology to acquire its 15% stake in PPL Shipyard. Sembcorp Marine, which owns 85% of PPL Shipyard, issued a letter through its lawyers, Drew & Napier, asserting that the situation had triggered its pre-emption rights over the stake. Sembcorp Marine said it was now assessing the position taken by Baker Technology and Yangzijiang. [27/04/10]

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