PACC Offshore Services Holdings (POSH) pushed to suspend trading in its shares on the SGX-ST on 3 January 2020
In November, Singapore based POSH’s minority shareholders received a conditional share purchase offer from Quetzal Capital, a subsidiary of Kuok Group. The offer was to acquire the issued and outstanding ordinary shares of POSH which would mean that the company would become privately owned.
When Quetzal received valid acceptance, the offer turned unconditional with Quetzal receiving at least 90% of the total shares. The closing date for the offer was extended from 18 December 2019 to 2 January 2020.
Quetzal Capital said the offer presented POSH shareholders with a cash exit opportunity to realise their entire investment in POSH at a premium over prevailing trading prices without incurring brokerage and other trading costs.
Quetzal’s advisory Overseas-Chinese Banking Corporation said the company will now acquire 96.48% of POSH’s issued share capital.
POSH was floated on the SGX-ST in 2014 by the Kuok Group which continued to retain 75% of the shares.
POSH has faced financial difficulties in recent years as have other OSV companies such as Bourbon and DOF. In August 2019, revenue fell to US$74M for the quarter, down from US$83M. By October 2019 its share price fell by 86%. However the company remains solvent.
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