28714 members and growing – the largest networking group in the maritime industry!

LoginJoin

Tuesday, November 12, 2019

Maritime Logistics Professional

November 4, 2019

Kuok Makes Cash Offer for POSH

 Image courtesy: PACC Offshore Services Holdings

Image courtesy: PACC Offshore Services Holdings

The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).

Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.

The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively, POSH said in a statement.

“The offer presents shareholders with a unique cash exit opportunity to realize their entire investment in POSH at an attractive premium over prevailing trading prices,” Quetzal Capital said in a filing to SGX. “This may otherwise be difficult due to the low trading liquidity of the shares.”

The Kuok Group is a leading conglomerate with diversified investments in commodities, hospitality, logistics, real estate and shipping businesses, among others.

POSH specialises in providing offshore marine transportation services to the oil and gas (O&G) industry.

oil and gasreal estate