Singapore: SembCorp Marine on Saturday said it will apply for a Singapore court ruling to make its current jv agreement with PPL Holdings "no longer in force." The rig builder also wants to ruling to require PPL Holdings to sell its minority stake in the venture.
PPL Holdings last month rejected SembCorp Marine's offer to buy the 15% equity stake the rig builder it doesn't own in the joint venture, PPL Shipyard. Sembcorp Marine, which owns 85% of PPL Shipyard, had offered S$59.4 million to buy the remaining stake to fend off an earlier bid by China's Yangzijiang Shipbuilding Holdings.
Yangzijiang had made a joint offer with two other entities to purchase PPL Holdings, a wholly owned subsidiary of Baker Technology, for a total US$155 million. SembCorp Marine is 61.6% owned by SembCorp Industries, which is in turn 49.7%-owned by Singapore state-owned investment body Temasek Holdings.
SembCorp Marine said in a statement released Saturday on the Singapore Exchange that it has commenced proceedings in the High Court of Singapore against PPL Holdings and its wholly owned subsidiary, E-Interface Holdings Ltd. [17/05/10]
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