Kuok Group offers to take POSH private

  • Corporate News
  • Wednesday, 06 Nov 2019

SINGAPORE: The Kuok Group has launched an offer to take Singapore-listed PACC Offshore Services Holdings (POSH) private at S$0.215 (RM0.654) per share in cash.

In a statement, Quetzal Capital Ltd – the bid vehicle formed by certain members of the Kuok group of companies, namely Kuok (Singapore) Ltd, Kuok Brothers’ wholly-owned Trendfield Inc, and Kerry Holdings’ wholly-owned Merry Voyage Ltd – announced it was making a voluntary conditional cash offer for all of the issued and outstanding ordinary shares of POSH.

It said the offer price at S$0.215 per share represented a premium of about 97.2% over the last traded price on Oct 30. It also represented a premium of about 35.3% over the 12-month volume-weighted average price.

The offer price is final, and the offeror had no intention to revise the offer price, it said.

“The offer presents shareholders with a unique cash exit opportunity to realise their entire investment in POSH at an attractive premium over prevailing trading prices without incurring brokerage and other trading costs. This may otherwise be difficult due to the low trading liquidity of the shares, ” the offeror said.

The offeror added it was making the offer in view of the continuing challenges in the global offshore oil and gas sector, as it believed privatising POSH would provide it with more flexibility to manage POSH’s operational and funding requirements, and also optimise the use of POSH’s resources.

The offer is conditional on receiving valid acceptances of at least 90% of outstanding shares at the close of the offer.

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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3

Robert Kuok , Posh , private , shares ,


What do you think of this article?

It is insightful
Not in my interest

Across The Star Online