PACC Offshore Services Holdings (POSH) has filed to leave the Singapore Exchange as the Kuok Group moves forward with its takeover.

Quetzal Capital, a bid vehicle formed by various companies within the Kuok Group, made a voluntary, conditional cash offer for all of the issued and outstanding ordinary shares of POSH during November 2019.

At the time, Quetzal said that, in light of the continuing challenges facing the offshore oil and gas sector, it believed that the privatisation of POSH would provide it with more flexibility to manager the operational and financial requirements.