SingTech for Sembawang stake

Singapore Technologies (SingTech), a government-owned diversified arms maker, is poised to buy Temasek Holdings' 38 per cent stake in Sembawang Corp, a diversified ship-repair company, The Business Times reports, citing sources. It said the purchase would trigger a general takeover offer for Sembawang valued at nearly S$700 million (about HK$3.19 billion).

Speculation about a takeover of Sembawang by either SingTech or Singapore Technologies Industrial Corp has been rife in recent weeks, fuelled by expectations of slower economic growth and rising interest rates in Singapore.