Corporate digest

PACC Offshore Services

PACC Offshore Services Holdings (POSH) has agreed to acquire the 50 per cent stake held by Sembcorp Marine in harbour services provider Pacific Workboats Pte Ltd (PWPL) for over US$679,400 in cash. PWPL is currently a 50:50 joint venture between POSH and Dolphin Shipping Co, a unit of Sembcorp Marine. For the acquisition to proceed, PWPL will have to distribute US$34 million worth of dividends to each shareholder, primarily in the form of vessels. Assuming the distribution was done in end-June, the 50 per cent stake in PWPL would have a book value of US$877,000.

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