PPL Holdings price cut

Singapore: Yangzijiang Shipbuilding has cut how much it will pay for PPL Holdings to $116.3m from $155m previously. The Chinese shipbuilder is seeking buy PPL Holdings from Baker Technologies. PPL Holdings owns a 15% stake in Singapore rigbuilder PPL Shipyard. Instead of the stake being purchased Yangzijiang directly it will be acquired by a new investor Q-D Asia Pacific part of a Qatari sovereign wealth fund. PPL Shipyard majority shareholder took legal action over the sale of PPL Holdings to Yangzijiang saying it should have first right of refusal. [06/09/10]