The Court of Appeal in its judgment today ruled that certain provisions in the Joint Venture Agreement between Sembcorp Marine and PPL Holdings premised on equal shareholding no longer applied when Sembcorp Marine increased its shareholding from 50% to 85% in PPLS. The Court of Appeal, however, did not agree that Sembcorp Marine had the right to terminate the Joint Venture Agreement. The cross appeal by PPL Holdings, including their claim to the right to appoint the Managing Director, was dismissed entirely. The Court of Appeal also ruled that certain resolutions passed by Sembcorp Marine’s nominated PPLS directors were valid and not in breach of the provisions in the Joint Venture Agreement. The Sembcorp Marine nominated PPLS directors’ removal of Mr.