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POSH suspends trading after close of Kuok group’s offer

PACC Offshore Services Holdings (POSH) has requested the suspension of trading in its shares with effect from 9am on Friday.

The mainboard-listed company lost its free float on Dec 11, and Quetzal Capital’s cash offer for its shares closed at 5.30pm on Thursday.

The offeror has applied to the Singapore Exchange to delist POSH, and the result of the application will be announced in due course.

The offeror and concert parties owned, controlled or agreed to acquire about 96.48 per cent of POSH shares as at the closing date, according to POSH’s bourse filing late Thursday night.

The offeror will compulsorily acquire the remaining shares by Jan 28, 2020, at the same offer price of S$0.215 apiece.

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Quetzal Capital made a voluntary conditional cash offer on Nov 4 for the loss-making Asia-based international operator of offshore support vessels.

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.

POSH shares ended trading at S$0.215 on Thursday, up S$0.005 or 2.4 per cent, before the close of the offer.

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