Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Baker Tech surges on court ruling

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STOCKS NEWS SINGAPORE-Baker Tech surges on court ruling Jun 1st 2012, 02:06 Thu May 31, 2012 10:06pm EDT 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. To read related story click 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. To read related story click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) (Editing by Michael Perry) Link this Share this Digg this Email Reprints

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