SGX approves POSH's proposed delisting

PACC Offshore Services Holdings' (POSH) application for delisting has been approved by the Singapore Exchange, the loss-making offshore support vessel operator said in a bourse filing on Wednesday night.

The offeror, Quetzal Capital, had on Jan 28 exercised its right of compulsory acquisition to acquire all shares of dissenting shareholders who had not accepted its offer. Quetzal Capital said then that it would delist POSH after it owns all shares of the company, at a date and time to be announced.

Mainboard-listed POSH suspended trading of its shares on Jan 3, after Quetzal Capital's cash offer of S$0.215 apiece for its shares closed on Jan 2. Its shares last closed S$0.005 or 2.4 per cent higher at S$0.215 on Jan 2.

As at the offer's close, the offeror and concert parties had owned, controlled or agreed to acquire about 96.48 per cent of POSH shares.

Quetzal Capital made a voluntary conditional cash offer for POSH on Nov 4. It is the bid vehicle formed by certain members of the Kuok group of companies, namely Kuok (Singapore) or KSL; Trendfield, a wholly-owned subsidiary of Kuok Brothers; as well as Merry Voyage, a wholly-owned unit of Kerry Holdings.