AsiaShipyards

Samla Midas a step closer to SPP yard takeover

Photo of Sam Chambers Sam ChambersMarch 24, 2016
19 Less than a minute

The on/off takeover of one of the yards controlled by SPP Shipbuilding is now finally on track. Samla Midas Group, a construction firm which also owns Korea Line Corp, has signed a memorandum of understanding to buy SPP’s Sacheon yard. Due diligence is expected to take a month with the KRW400bn ($344m) acquisition is expected to be completed by May.

SPP’s other facilities including its Tongyeong yard, Goseong yard and Haman equipment plant will be sold separately.

Photo of Sam Chambers Sam ChambersMarch 24, 2016
19 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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