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Baker Tech accepts Yangzijiang's offer to buy PPLH

By NISHA RAMCHANDANI

BAKER Technology has accepted an offer from shipbuilder Yangzijiang Shipbuilding (Holdings) to buy PPL Holdings (PPLH) from Baker for US$155 million.

Baker, which received a letter of offer from Yangzijiang on April 16 to buy all of PPLH, said that accepting the offer allowed the company to unlock the value of its investment in PPLH. PPLH is an investment holding company that holds a 15 per cent stake in PPL Shipyard, which constructs offshore drilling rigs.

Baker also said it had received a letter from Sembcorp Marine on April 22 through its lawyers 'demanding that (Baker) not accept the offer' as Sembcorp Marine alleged that any sale to Yangzijiang would circumvent Sembcorp Marine's pre-emptive rights to have first right of refusal over the sale of PPLH's shareholdings in PPL Shipyard. Sembcorp Marine has an 85 per cent stake in PPL Shipyard.

'The board has sought and received legal advice that Sembcorp Marine has no basis for its claims,' Baker said in an announcement on the Singapore Exchange yesterday evening.

Yangzijiang, which is based in China, is making the purchase together with a Middle East investor, the shipbuilder said last week.

If the acquisition goes through, Yangzijiang, the Middle Eastern investor and Mediterranean Success Group - which is wholly owned by Yangzijiang's non-executive director Yu Kebing - will hold stakes of 50.1 per cent, 45 per cent and 4.9 per cent respectively in PPLH.

As part of the deal, Yangzijiang will place 83.55 million new shares to the Middle Eastern investor at $1.295 a share. The proceeds will be used for the acquisition.

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Baker Tech accepts Yangzijiang's offer to buy PPLH

By NISHA RAMCHANDANI

BAKER Technology has accepted an offer from shipbuilder Yangzijiang Shipbuilding (Holdings) to buy PPL Holdings (PPLH) from Baker for US$155 million.

Baker, which received a letter of offer from Yangzijiang on April 16 to buy all of PPLH, said that accepting the offer allowed the company to unlock the value of its investment in PPLH. PPLH is an investment holding company that holds a 15 per cent stake in PPL Shipyard, which constructs offshore drilling rigs.

Baker also said it had received a letter from Sembcorp Marine on April 22 through its lawyers 'demanding that (Baker) not accept the offer' as Sembcorp Marine alleged that any sale to Yangzijiang would circumvent Sembcorp Marine's pre-emptive rights to have first right of refusal over the sale of PPLH's shareholdings in PPL Shipyard. Sembcorp Marine has an 85 per cent stake in PPL Shipyard.

'The board has sought and received legal advice that Sembcorp Marine has no basis for its claims,' Baker said in an announcement on the Singapore Exchange yesterday evening.

Yangzijiang, which is based in China, is making the purchase together with a Middle East investor, the shipbuilder said last week.

If the acquisition goes through, Yangzijiang, the Middle Eastern investor and Mediterranean Success Group - which is wholly owned by Yangzijiang's non-executive director Yu Kebing - will hold stakes of 50.1 per cent, 45 per cent and 4.9 per cent respectively in PPLH.

As part of the deal, Yangzijiang will place 83.55 million new shares to the Middle Eastern investor at $1.295 a share. The proceeds will be used for the acquisition.

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Baker Tech accepts Yangzijiang's offer to buy PPLH

By NISHA RAMCHANDANI

BAKER Technology has accepted an offer from shipbuilder Yangzijiang Shipbuilding (Holdings) to buy PPL Holdings (PPLH) from Baker for US$155 million.

Baker, which received a letter of offer from Yangzijiang on April 16 to buy all of PPLH, said that accepting the offer allowed the company to unlock the value of its investment in PPLH. PPLH is an investment holding company that holds a 15 per cent stake in PPL Shipyard, which constructs offshore drilling rigs.

Baker also said it had received a letter from Sembcorp Marine on April 22 through its lawyers 'demanding that (Baker) not accept the offer' as Sembcorp Marine alleged that any sale to Yangzijiang would circumvent Sembcorp Marine's pre-emptive rights to have first right of refusal over the sale of PPLH's shareholdings in PPL Shipyard. Sembcorp Marine has an 85 per cent stake in PPL Shipyard.

'The board has sought and received legal advice that Sembcorp Marine has no basis for its claims,' Baker said in an announcement on the Singapore Exchange yesterday evening.

Yangzijiang, which is based in China, is making the purchase together with a Middle East investor, the shipbuilder said last week.

If the acquisition goes through, Yangzijiang, the Middle Eastern investor and Mediterranean Success Group - which is wholly owned by Yangzijiang's non-executive director Yu Kebing - will hold stakes of 50.1 per cent, 45 per cent and 4.9 per cent respectively in PPLH.

As part of the deal, Yangzijiang will place 83.55 million new shares to the Middle Eastern investor at $1.295 a share. The proceeds will be used for the acquisition.

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Some regulators surfed porn as financial crisis grew

WASHINGTON

SEC Inspector-General David Kotz conducted 33 probes of employees looking at sexually explicit images in the past five years, of which 31 occurred in the 2 1/2 years since the financial system teetered and nearly crashed, the memo showed.

Below are some of the findings:

• A senior lawyer at SEC headquarters spent up to eight hours a day looking at and downloading porn. When he ran out of hard drive space, he burned the files to CDs or DVDs, which he kept in boxes around his office. He agreed to resign.

• An accountant amassed a collection of “very graphic” material on his hard drive by bypassing the SEC’s internal filter. He received a 14-day suspension.

• Seventeen of the employees probed were “at a senior level”, earning up to US$222,418 ($305,200). #HiGH COST TALENT#

• The number of cases jumped from two in 2007 to 16 in 2008. The cracks in the financial system emerged in mid-2007 and spread into full-blown panic by the fall of 2008.— Some senior staff at the United States Securities and Exchange Commission spent hours surfing pornographic websites instead of policing the financial system, according to an SEC memo.

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C H E M O I L

NEXT CHINA OIL & GAS ACQUISITION TARGET ?

CHINA has TOO MUCH YUAN TO SPEND & SPEND & SPEND

CHINA OIL & GAS SECTOR WiLL nEEd a STEPPING STONE fOOt hOld in AUSTRALIA?

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C H E M O I L

NEXT CHINA OIL & GAS ACQUISITION TARGET ?

CHINA has TOO MUCH YUAN TO SPEND & SPEND & SPEND

CHINA OIL & GAS SECTOR WiLL DOMINATE JURONG ISLAND ?

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x 1

M E R M A I D

NEXT CHINA OIL & GAS ACQUISITION TARGET ?

CHINA has TOO MUCH YUAN TO SPEND & SPEND & SPEND

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N E X T ? ? ? ?

sub-PRiME wOrld bOnd [004] Tsunami ? ? ? ?

teeth53 ( Date: 24-Apr-2010 12:24) Posted:

teeth53: Was thinking about Temasick Holding offering bonds with AAA rate. Ur choice, ur decision

German central banker warns of Greece 'contagion'. "Many countries are running excessive budget deficits." Portugal, Italy, Ireland and Spain are all in the firing line. An issue of 10-year Greek bonds totalling 8.5 billion euros expires on May 19 and needs to be covered by fresh finance. Lastest to default, just like Dubai.

http://moremoney.blogs.money.cnn.com/2010/03/08/a-dangerous-omen-looms-for-bonds/

A dangerous omen looms for bonds (teeth53 said is contagion)

http://money.cnn.com/2010/04/05/news/economy/fed.rates.fortune/index.htm

Bonds in the 'danger zone' By Colin Barr, senior writerApril 6, 2010: 4:16 AM ET

(Fortune) -- Even bond managers are questioning the wisdom of buying bonds now.

Government bond prices are sliding as an economic recovery takes hold and the feds struggle to fund a massive budget deficit. At the same time, the prices of corporate bonds are looking pricey after a ferocious year-long rally.

teeth53 ( Date: 20-Feb-2010 13:42) Posted:

Bond Sales for now S$10 Billion and Ho Ching need more Advisers.
She as CEO (more then six years liao) cannot do her job meh ??.

With so much backup, still need Adviser to sdvise her. In other other word....My goodness
Can her Adviser do a better job then her, think lohh Can he ??.
Same flock, after leaving, What about the mess in SGX and

She has to leave ST for Temasick, so is he

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MISTAKEN BOND

this is nOT JAMES BOND

nOt 007

it will nOt [REPEAT: nOt] save cOmpany in TiMES Of CRISIS.

in FACT, it WiLL TERMINATE the cOmpany when DUE

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Rickmers Marine Trust [RMT] is nOw STRANGLED by bOnds ? ? ? ?

SAIZEN's distribution is alsO flOOrEd by bOnds ? ? ? ?

Genting Singapore is alsO defeated by cOnverted bOnds ? ? ? ?

x 0

Since the sub-PRiME wOrld Financial Tsunami, news have been reporting SINGAPORE gOing bOnds bOnds bOnds bOnds ? ? ? ?

bOnds are DEADLY ? ? ? ?

has SiNGAPORE nOw gOne bOndy ? ? ? ?

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Since the NEW MILLENNIUM 2000, SINGAPORE has gOne hOw many years Of Budget DEFiCiT ? ? ? ?

is the gOvernment WAGES tOO HiGH WEIGHING dOwn On SINGAPORE's FINANCES ? ? ? ?

is the CABINET tOO LARGE fOr such a small city, RED DOT ? ? ? ?

x 0

For the 16 eurozone countries, the combined deficit more than trebled in 2009 to 6.3 per cent of output from 2 per cent in 2008, hitting more than twice the level permitted under the bloc’s budgetary rules.

Ireland was the worst offender, at 14.1 per cent, followed by Greece, Spain on 11.1 per cent and Portugal with 9.4 per cent. AGENCIES

teeth53 ( Date: 24-Apr-2010 12:24) Posted:

teeth53: Was thinking about Temasick Holding offering bonds with AAA rate. Ur choice, ur decision

German central banker warns of Greece 'contagion'. "Many countries are running excessive budget deficits." Portugal, Italy, Ireland and Spain are all in the firing line. An issue of 10-year Greek bonds totalling 8.5 billion euros expires on May 19 and needs to be covered by fresh finance. Lastest to default, just like Dubai.

http://moremoney.blogs.money.cnn.com/2010/03/08/a-dangerous-omen-looms-for-bonds/

A dangerous omen looms for bonds (teeth53 said is contagion)

http://money.cnn.com/2010/04/05/news/economy/fed.rates.fortune/index.htm

Bonds in the 'danger zone' By Colin Barr, senior writerApril 6, 2010: 4:16 AM ET

(Fortune) -- Even bond managers are questioning the wisdom of buying bonds now.

Government bond prices are sliding as an economic recovery takes hold and the feds struggle to fund a massive budget deficit. At the same time, the prices of corporate bonds are looking pricey after a ferocious year-long rally.

teeth53 ( Date: 20-Feb-2010 13:42) Posted:

Bond Sales for now S$10 Billion and Ho Ching need more Advisers.
She as CEO (more then six years liao) cannot do her job meh ??.

With so much backup, still need Adviser to sdvise her. In other other word....My goodness
Can her Adviser do a better job then her, think lohh Can he ??.
Same flock, after leaving, What about the mess in SGX and

She has to leave ST for Temasick, so is he

x 0

WOW WOW WOW

Baker Tech ACCEPTS Offer — Mainboardlisted Baker Technology said it has accepted Yangzijiang Shipbuilding’s offer to purchase Singapore- based PPL Holdings.

Millet Enriquez

SINGAPORE

In a filing on Friday, Baker said that it has received a binding letter of offer from Yangzijiang to buy the entire and paid up share capital of PPLH for US$155 million ($208 million).

Payment for the acquisition will be made in cash after the completion of the sale and purchase of the Sale Shares, the announcement said.

One condition of the agreement is an escrow agreement that requires the purchaser to deposit the Total Sum with an escrow agent.

*EXTREMELY SMART GOVERNANCE*

The sale of the shares is still subject to the approval of shareholders at an extraordinary general meeting to be convened.

pharoah88 ( Date: 24-Apr-2010 13:36) Posted:

SELL HEALTHWAY

BUY BAKER TECH

CHECK IT OUT

x 0

SELL HEALTHWAY

BUY BAKER TECH

CHECK IT OUT

x 0

DIRECTOR withOUT pOrtfOliO in MANAGING DIRECTOR OFFICE

SENIOR VICE PRESIDENT withOUT pOrtfOliO in PRESIDENT OFFICE

SENIOR VICE CHAIRMAN withOUT pOrtfOliO in CHAIRMAN OFFICE

SENIOR VICE MANGER withhOUT divisiOn in CHIEF MANAGER OFFICE

SENIOR VICE ENGINEER withOUT department in CHIEF ENGINEER OFFICE

SENIOR VICE SECRETARY withOUT sectiOn in CHIEF EXECUTIVE SECRETARY OFFICE

SENIOR VICE AGENT withOUT engagement in CHIEF AGENT OFFICE

nO End Of this DARK stOry

pharoah88 ( Date: 10-Mar-2010 16:19) Posted:

TALENT always needs SCAPE gOat.

MD > Deputy MD >> Assistant MD >>> Associate MD >>>> Vice Associate MD >>>>> 2nd Vice Associate MD >>>>>> Reserved 2nd Associate MD

mUltiplE layers Of FATS

cOmplacency iNcOmpetence NEGLiGENCE EXUBERANCE [CiNE]

x 0

WOW WOW WOW

Baker Tech ACCEPTS Offer — Mainboardlisted Baker Technology said it has accepted Yangzijiang Shipbuilding’s offer to purchase Singapore- based PPL Holdings.

Millet Enriquez

SINGAPORE

In a filing on Friday, Baker said that it has received a binding letter of offer from Yangzijiang to buy the entire and paid up share capital of PPLH for US$155 million ($208 million).

Payment for the acquisition will be made in cash after the completion of the sale and purchase of the Sale Shares, the announcement said.

One condition of the agreement is an escrow agreement that requires the purchaser to deposit the Total Sum with an escrow agent.

*EXTREMELY SMART GOVERNANCE*

The sale of the shares is still subject to the approval of shareholders at an extraordinary general meeting to be convened.

x 0

WOW WOW WOW

Baker Tech ACCEPTS Offer — Mainboardlisted Baker Technology said it has accepted Yangzijiang Shipbuilding’s offer to purchase Singapore- based PPL Holdings.

Millet Enriquez

SINGAPORE

In a filing on Friday, Baker said that it has received a binding letter of offer from Yangzijiang to buy the entire and paid up share capital of PPLH for US$155 million ($208 million).

Payment for the acquisition will be made in cash after the completion of the sale and purchase of the Sale Shares, the announcement said.

One condition of the agreement is an escrow agreement that requires the purchaser to deposit the Total Sum with an escrow agent.

*EXTREMELY SMART GOVERNANCE*

The sale of the shares is still subject to the approval of shareholders at an extraordinary general meeting to be convened.

x 0

WOW WOW WOW

Baker Tech ACCEPTS Offer — Mainboardlisted Baker Technology said it has accepted Yangzijiang Shipbuilding’s offer to purchase Singapore- based PPL Holdings.

Millet Enriquez

SINGAPORE

In a filing on Friday, Baker said that it has received a binding letter of offer from Yangzijiang to buy the entire and paid up share capital of PPLH for US$155 million ($208 million).

Payment for the acquisition will be made in cash after the completion of the sale and purchase of the Sale Shares, the announcement said.

One condition of the agreement is an escrow agreement that requires the purchaser to deposit the Total Sum with an escrow agent.

*EXTREMELY SMART GOVERNANCE*

The sale of the shares is still subject to the approval of shareholders at an extraordinary general meeting to be convened.

x 0

A dangerous omen looms for bonds (teeth53 said is contagion)

Bonds in the 'danger zone' By Colin Barr, senior writerApril 6, 2010: 4:16 AM ET (Fortune) -- Even bond managers are questioning the wisdom of buying bonds now.

A dangerous omen looms for bonds (teeth53 said is contagion)

Bonds in the 'danger zone' By Colin Barr, senior writerApril 6, 2010: 4:16 AM ET (Fortune) -- Even bond managers are questioning the wisdom of buying bonds now.

Bonds in the 'danger zone' By Colin Barr, senior writerApril 6, 2010: 4:16 AM ET

(Fortune) -- Even bond managers are questioning the wisdom of buying bonds now.

Bonds in the 'danger zone' By Colin Barr, senior writerApril 6, 2010: 4:16 AM ET

(Fortune) -- Even bond managers are questioning the wisdom of buying bonds now.