Quetzal Capital, a company formed by members of the Malaysian tycoon Robert Kuok’s Kouk group of companies, has announced a voluntary conditional cash offer for all of the issued and outstanding ordinary shares offshore vessel operator PACC Offshore Services Holdings (POSH).
The offer price is S$0.215 ($0.1583) in cash per share, which represents a premium of nearly 100% over the last traded price of there company on the Singapore Exchange on October 30.
“The offer presents shareholders with a unique cash exit opportunity to realise their entire investment in POSH at an attractive premium over prevailing trading prices without incurring brokerage and other trading costs. This may otherwise be difficult due to the low trading liquidity of the shares,” the offer document said.
The Kuok offer is “in view of the continuing challenges in the global offshore oil and gas sector, as it believes that privatising POSH will provide it with more flexibility to manage POSH’s operational and funding requirements,” the company added
POSH, which has over 120 vessels in its fleet, listed on the Singapore Exchange in 2014.