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Singapore Hot Stocks-Baker falls on SembCorp's move on PPL
Reuters - Monday, April 26
SINGAPORE, April 26 - The benchmark Straits Times Index <.FTSTI> was 0.41 percent higher as of 0237 GMT on Monday.
The following stocks were on the move:
** BAKER TECH DOWN AFTER SEMBCORP MARINE ISSUES LAWYER LETTER
Shares of oil service provider Baker Technology <BATE.SI> fell as much as 10.6 percent to 50.5 Singapore cents after Sembcorp Marine <SCMN.SI> said it had the first right of refusal over the 15-percent stake in PPL Shipyard which Baker is selling to a group led by Yangzijiang Shipbuilding <YAZG.SI>. [ID:nSNZ8rCbrR]
Baker Technology said on Friday, Sembcorp, through a lawyer's letter, demanded that the sale of PPL shipyard circumvents its pre-emptive rights to buy the remaining shares in PPL which it does not already own. Sembcorp Marine owns 85 percent of PPL Shipyard.
Baker Technology said the board has sought and received legal advice that SembCorp Marine has no basis for its claims.
Traders said the Sembcorp's move creates some confusion on whether Baker's deal with Yangzijiang will go ahead.
"I don't think it makes any difference whether Baker Tech sells to SembCorp or Yangzijiang," said a trader at a Singapore brokerage firm, "but some investors may have interpreted that the deal won't go through".
Around 0237 GMT, Baker Technology was down 6.19 percent at 53 Singapore cents with over 31 million shares changing hands.
pharoah88 ( Date: 26-Apr-2010 18:20) Posted:
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WRONG WRONG RIGHT
RIGHT RIGHT WRONG
WRONG RIGHT WRONG
RIGHT WRONG RIGHT
samson ( Date: 26-Apr-2010 11:33) Posted:
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yOur brOker is gOd's mOther ? ? ? ?
sO RiGHT ? ? ? ?
words007 ( Date: 24-Apr-2010 23:54) Posted:
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philgoh ( Date: 26-Apr-2010 12:06) Posted:
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Have some thoughts after the announcement from SCM. Many would interpret as a negative and complication hence the sell off this morning which is expected.
However, if you view the overall picture, BT is still a winner regardless on the eventual outcome.
Watch the volume & sell off this morning and the price sentiment now.
Still sell? ponder further.
MarkLiao60 ( Date: 26-Apr-2010 14:17) Posted:
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What If YZJ only got the 15% of PPL without SCM blessing?
1. What will happen to BT?
2. What will happen to YZJ?
3. Who benefit from this? SCM? YZJ? or BT?
samson ( Date: 26-Apr-2010 12:14) Posted:
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I doubt this will happen.
1. Unlikely that SCM will sell its
85% stake in PPL
2. YZJ also will not have thought of buying the whole PPL (alot of
money)
The bone of contention is now on the 15% stake owned by BT,to whom it will sell it, with SCM having the pre-emption rights to buy.
So keep watching the drama unfolds and ultimately BT will still be the winner.
samson ( Date: 26-Apr-2010 12:14) Posted:
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Tjen YZI had to Buy Both SEMBCORP MARINE LTD 85% of PPL and
baker 15 % of PPL.
ANNOUNCEMENT BY SEMBCORP MARINE LTD
Singapore, April 26, 2010 : The Company presently holds an 85% shareholding
stake in PPL Shipyard Pte Ltd (“PPL Shipyard”). 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 17 April 2010, the Board of Yangzijiang Shipbuilding (Holdings) Ltd
(“Yangzijiang”) 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.
samson ( Date: 26-Apr-2010 11:19) Posted:
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this morning some people use CFD to short selling.
now they had to buy back , so
Absolutely right. Whether this deal materialise or not , it benefits bakertech.
A matter of realished hugh profit or generate the cash cow.
Wonder why people panic and sell this morning.
samson ( Date: 26-Apr-2010 11:19) Posted:
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SEMBCORP MARINE LTD or YZI will be Buying PPL .
to baker is Good the News
I suppose SCM has the first bit last call option with the pre-emption rights if its offer is the same or better than YZJ otherwise BT has every right to accept the offer from YZJ.
Whatever the case, BT will emerge as the winner.
samson ( Date: 26-Apr-2010 10:26) Posted:
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SEMBCORP MARINE LTD MAY BUY BACK THE 15% OF PPL .
Then YZI had to look for another company if They got the projects.
I Think YZi got some offshore project on hand so they nee d to buy PPL and offeer High Price.