POSH secures cornerstone investors

SINGAPORE-based PACC Offshore Services Holdings (POSH) has roped in Fortress Capital Asset Management and Hwang Investment Management as cornerstone investors for its planned Singapore listing.

POSH, part of Malaysian billionaire Robert Kuok's business empire, is an offshore services firm that is 21.2 per cent owned by Malaysian Bulk Carriers (Maybulk).

Mr Kuok is Malaysia's richest person with an estimated net worth of US$12.5 billion. This listing on the Singapore Exchange is poised to be the first major IPO of 2014 in Singapore.