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|| Middle Eastern investor acquired stake in Singaporean firm for $77 million

unknown-ME (2).jpgA Middle Eastern investor and China's Yangzijiang Shipbuilding acquired an indirect stake in Singapore-based oil-rig maker PPL Shipyard in a $113 million deal - the Reuters has reported.

They acquired Baker Technology's fully-owned vehicle PPL Holdings, which owns a 15 percent stake in the Singapore oil-rig maker. Under the deal which was announced in April and is recently accepted, the unnamed Middle Eastern investor will get 45 percent stake in the vehicle for $77 million. Chinese shipbuilder will get 50.1 percent, and 4.9 percent will go to a Chinese director.

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More details from the Reuters story follows

China's Yangzijiang Shipbuilding (YAZG.SI) and a Middle Eastern investor will buy an indirect stake in Singapore-based oil-rig maker PPL Shipyard in a S$155 million ($113 million) deal.

Yangzijiang has offered to buy Baker Technology's BASE.SI fully-owned vehicle PPL Holdings, which owns a 15 percent stake in the Singapore oil-rig maker, it said in a statement on Saturday.

Under the deal, Chinese shipbuilder will get a 50.1 percent stake in the vehicle, the Middle Eastern investor 45 percent and 4.9 percent will go to Yangzijiang's non-executive director Yu Kebing.

Yangzijiang will partly fund the deal by placing 83.55 million of its shares to the unnamed Middle Eastern investor at S$1.295 a share, raising about $77.65 million for the purchase.

PPL shipyard, which makes offshore oil rigs, is 85 percent owned by Sembcorp Marine (SCMN.SI).




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