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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



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