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.
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Toyota hits record annual output, sales on robust demand
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
Nissan, Mazda roll out new models for China as they aim for comeback
South Korea readies new system to detect illegal short-selling
Axiata, Sinar Mas move closer to US$3.5 billion telco merger