Sembcorp Marine Acquires Remaining 15% Stake in PPL Shipyard for $115M
Singapore's Sembcorp Marine Ltd. reported Tuesday that it has signed an agreement to acquire the remaining 15 percent share in PPL Shipyard Pte Ltd. (PPLS) that it does not own from PPL Holdings Pte Ltd. (PPLH) and E-Interface Holdings Limited (EIHL) for $115,058,934 (SGD 155,329,561).
Upon completion, PPLS -- which focuses on design, construction, repair and modification of oil rigs, ships and other ocean-going vessels -- will become a wholly-owned subsidiary of the Sembcorp Marine.
"The Acquisition will result in the Company having full control of PPLS. This will enable the Company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter’s corporate strategies to the Company to generate sustainable returns," the firm said in the press release.
Sembcorp Marine made its first investment in PPLS in 2001, when it purchase a 50 percent stake, with its ownership of the latter rising to 85 percent in 2003.
China's Yangzijiang Shipbuilding (Holdings) Ltd. holds a 45 percent interest in PPLH, which holds 100 percent ownership of EIHL.
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