Stock Name: SembMar
Company Name: SEMBCORP MARINE LTD
Warm regards,
Company Name: SEMBCORP MARINE LTD
| Research House: OIR BITES | Price Call: HOLD | Target Price: 5.12 |
OIR BITES: High court decision regarding PPL Holdings unfavourable to Sembcorp Marine 31 May 2012 |
Dear TRs, Recall that SMM commenced proceedings in the High Court against PPL Holdings and its wholly owned subsidiary, E-Interface Holdings in May 2010. Amongst other things, SMM had asked the High Court to direct PPL Holdings and E-Interface to transfer the 15% stake in PPL Shipyard (which SMM does not own) to SMM for a sum of S$59.4m. Over lunch time, Sembcorp Marine (SMM) announced that the High Court has released its judgement together with the Grounds of Decision on SMM's claims against PPL Holdings Pte Ltd and the decision is not favourable to SMM. SMM is obtaining legal advice with a view of appealing the decision and will make an appropriate announcement in due course. We currently have a HOLD rating on SMM with a fair value estimate of S$5.12. |
Warm regards,
Company Registration No: 198301152E
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