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SINGAPORE: There has been another twist in the saga involving Baker Technology's sale of its PPL Holdings unit.
The firm said today that it will lower its asking price for PPL Holdings from US$155 million to US$116.3 million.
A new investor will also come on board.
Instead of selling PPl Holdings to Yangzijiang, the new plan announced today will see Qatari sovereign wealth fund's Q-D Asia Pacific taking a majority stake in PPL Holdings.
Yangzijiang will now take a minority interest in PPL Holdings.
In April, Baker Technology said it will sell the unit to Yangzijiang.
But Sembcorp Marine filed a lawsuit to stop the move, saying it should have first right of refusal to PPL Holdings.
There's a tussle for PPL Holdings because it has a 15 percent stake in PPL Shipyard, which is majority owned by Sembcorp Marine. - CNA/fa
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