Sembcorp Marine presently holds an 85% shareholding stake in PPL Shipyard Pte Ltd. PPL Holdings Pte Ltd ("PPLH"), a wholly owned subsidiary of Baker Technology Limited "Baker Tech"), holds an aggregate direct and indirect 15% shareholding interest in PPL Shipyard.
On April 17, 2010, the Board of Yangzijiang Shipbuilding announced, inter alia, that it had issued a binding letter of offer to Baker Tech to acquire the entire issued and paid-up share capital of PPLH ("the Offer"). The Company had through its solicitors, Drew & Napier LLC, sent a letter to Baker Tech and PPLH asserting, inter alia, that the circumstances have triggered its pre-emption rights over its aggregate 15% stake in PPL Shipyard. The Company has also put Yangzijiang on notice of its rights.
The Company is now assessing the position taken by both Baker Technology and Yangzijiang and will make the appropriate announcement in due course.
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