Singapore-based global marine and offshore engineering company Sembcorp Marine has completed the acquisition of the remaining 15% equity stake in its compatriot PPL Shipyard Pte Ltd (PPLS).
Earlier in August, the company entered into a sale and purchase agreement with PPL Holdings Pte Ltd and E-Interface Holdings Limited to buy the remaining 15% in the issued and fully paid-up share capital of the shipyard for an aggregate cash consideration of USD 115 million.
PPL Shipyard is mostly focused on designing, constructing, repairing and improving of oil rigs, ships and other ocean-going vessels.
Following the acquisition, it becomes a wholly-owned subsidiary of the company.
In 2003, Sembcorp Marine increased its stake in PPLS to 85% and also agreed on the terms for the sale by PPLH and EIHL of their balance 15% shares in PPLS, wherein the selling price was based primarily on the net tangible assets of PPLS at the point of sale.