Quetzal Capital Pte Ltd, representing members of the Kuok Group, has launched its voluntary conditional cash offer for all of the issued and outstanding ordinary shares of Singapore-listed PACC Offshore Services Holdings Ltd (POSH)
Quetzal Capital is offering S$0.215 (US$0.16) per share in cash for one of Asia’s largest operators of offshore support vessels. Shareholders will have until 18 December 2019 to accept the offer.
The offer is at a 97.2% premium over the closing price of S$0.109 per share on the stock’s last trading day, 30 October 2019. Oversea-Chinese Banking Corp Ltd is the financial adviser to Quetzal Capital.
Kuok (Singapore) Limited and Camsward Pte Ltd directly hold about 77.6% of the issued shares of POSH. Quetzal Capital is the bid vehicle formed by certain members of the Kuok Group of companies, a leading conglomerate with diversified investments in commodities, hospitality, logistics, real estate and shipping businesses, among others.
The shareholders of Quetzal Capital are Kuok (Singapore) Limited (49%), Trendfield, a wholly owned subsidiary of Kuok Brothers Sdn Bhd (45%) and Merry Voyage, a wholly owned subsidiary of Kerry Holdings Limited (6%).
POSH has a fleet of over 100 offshore service vessels, operating in multiple segments in the offshore oil and gas and renewables market.