June 1, 2012 / 2:10 AM / 8 years ago

STOCKS NEWS SINGAPORE-Baker Tech surges on court ruling

Shares in offshore marine company Baker Technology Ltd jumped as much as 20 percent to a one-month high after a Singapore court ruled in its favour in a lawsuit.

Baker Technology shares were 14.6 percent higher at S$0.315, with over 6 million shares traded. This was 14 times its average daily volume over the last five sessions.

Singapore’s high court dismissed a lawsuit filed by rigbuilder Sembcorp Marine Ltd to stop Baker from selling a stake in PPL Shipyard to a consortium of buyers including Yangzijiang Shipbuilding (Holdings) Ltd.

“With the conclusion of the lawsuit, and barring a successful appeal by SembMarine, Baker would finally be able to recognise a deferred gain of S$58.2 million from the sale of PPL Holdings,” said DMG & Partners in a note.

This would lift Baker’s net tangible assets per share by 8 Singapore cents to S$0.32, the broker said.

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0951 (0151 GMT)

(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)


8:49 STOCKS NEWS SINGAPORE-Index futures down 0.6 pct

Singapore index futures were 0.6 percent lower, indicating a weaker start for the benchmark Straits Times Index .

Asian shares eased on Friday, with China’s factory activity data and a U.S. jobs report due later in the session making investors cautious as the escalating euro zone debt crisis threatened to further undermine growth worldwide.

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Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com Editing by Michael Perry

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