Kuok Group has made a voluntary, conditional cash offer for all of the issued and outstanding ordinary shares of PACC Offshore Services Holdings (POSH).
Quetzal Capital, a bid vehicle formed by various companies within the Kuok Group, put the offer forwards.
The offer price is SGD0.215 (USD0.16) in cash per share. In a statement, POSH said this “represents 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”.
The announcement coincided with POSH’s third quarter results, which revealed that the financial impact arising from the liquidation of its joint venture POSH Terasea (PTPL) was USD39.8 million. This is lower than the USD42 million previously disclosed.
POSH said it is now working with PTPL stakeholders in order to ensure an orderly wind up of the joint venture.
Independent of PTPL, POSH’s own fleet of anchor handling tug supply (AHTS) vessels remain well positioned to service customers in the ocean towage sector globally, added the group.