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Punj Lloyd Ltd's Arm Sembawang Engineering and Constructors Pte Ltd Bids For Construction Biz Of Australia's Macmohan Holdings Ltd-The Economic Times

Thursday, 3 Jan 2013 07:55am EST 

The Economic Times reported that Punj Lloyd Ltd's subsidiary Sembawang Engineering and Constructors Pte Ltd has made an offer to acquire the construction business of Australia's Macmahon Holdings Limited. The offer has been made in two parts through a wholly owned subsidiary, Sembawang Australia Pty Ltd, the Company said in a statement. Last month, Macmohan Holdings had announced it will sell majority of construction businesses to Leighton Holdings shareholder with 24.2% stake, for around AUD20 million (approx. USD21 million). Sembawang said it is willing to offer AUD25 million (approx. USD26.25 million) to Macmohan for the same business. According to Sembawang's offer, it intends to purchase Macmohan's construction businesses as going concerns or as a separate standalone offer in first part. For the second part, it will make a counter proposal to the asset purchase agreement made by Leighton Holdings Ltd, on identical terms, for an additional consideration of AUD5 million. 

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