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Grand Banks buying Aussie boat builder

Bid to free it from SGX watch-list

Published Fri, Apr 11, 2014 · 10:00 PM

Singapore

LUXURY boat manufacturer Grand Banks Yachts announced yesterday that it will be buying Australian boat builder Palm Beach Motor Yacht for up to A$10 million (S$11.7 million) in a deal that could help it get off Singapore Exchange's (SGX's) watch-list.

Under the conditional put-and-call option agreement the companies entered into yesterday, Palm Beach founder Mark Richards will be appointed CEO of the enlarged group.

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