Latest for Yangzijiang

Published April 24, 2010 ( business times )
BAKER Technology has accepted an offer from shipbuilder Yangzijiang Shipbuilding (Holdings) to buy PPL Holdings (PPLH) from Baker for US$155 million.

Baker, which received a letter of offer from Yangzijiang on April 16 to buy all of PPLH, said that accepting the offer allowed the company to unlock the value of its investment in PPLH. PPLH is an investment holding company that holds a 15 per cent stake in PPL Shipyard, which constructs offshore drilling rigs.

Baker also said it had received a letter from Sembcorp Marine on April 22 through its lawyers 'demanding that (Baker) not accept the offer' as Sembcorp Marine alleged that any sale to Yangzijiang would circumvent Sembcorp Marine's pre-emptive rights to have first right of refusal over the sale of PPLH's shareholdings in PPL Shipyard. Sembcorp Marine has an 85 per cent stake in PPL Shipyard.

'The board has sought and received legal advice that Sembcorp Marine has no basis for its claims,' Baker said in an announcement on the Singapore Exchange yesterday evening.

So...by right, we should see both Baker Tech and Yangzijiang lifting the trading halt and be trading on this coming Monday. Hopefully it will be round 2 of "chionging" and profits for those who have vested, cheers!!

I also was looking at Baker Tech's chart....and it's the sky is limit for the stock. Looking at it's report after the sales of PPLH....it's NTA will be swee swee too. That is another story since I didn't vest in it!