Punj Lloyd acquires remaining stake in Singapore's Sembawang

Mumbai: Punj Lloyd Ltd has acquired the remaining 12 per cent stake in Singapore firm Sembawang Engineers & Constructors, for about Rs14 crore. The acquisition, made through its Singapore arm Punj Lloyd Pte Ltd, makes Sembawang a wholly owned subsidiary of Punj Lloyd Pte, the company said in a filing with the Bombay Stock Exchange (BSE).

Sembawang has also paid Punj Lloyd S$1.8 million as the difference in its net tangible asset value between May 31 and April 30, 2006. Besides, Sembawang has repaid a term loan of S$15 million plus the accrued interest to Punj Lloyd.

Punj Lloyd Pte had acquired 88 per cent stake in Sembawang in June 2006 for about Rs100 crore. The company acquired the balance stake of 12 per cent by exercising its call option for S$4.9 million (about Rs14.10 crore), Punj Lloyd said in the statement.

Sembawang is a design-to-build engineering and construction service firm with core capabilities in process and plant engineering, heavy civil engineering and building.

The company offers a complete portfolio of EPC solutions with airports, jetties, MRT/LRT, tunneling, sewerage amongst others, as its capabilities in the infrastructure domain of the petrochemicals sector, Punj Lloyd said in its statement.

The company is also leveraging Simon-Carves's (a wholly owned subsidiary of Sembawang) capabilities in engineering, procurement and construction of LDPE, PVC, styrene and refinery processes.