Singapore: PACC Offshore Services Holdings (POSH), one of a number of shipping-related firms controlled by Malaysia’s Robert Kuok, is set to list in Singapore in the next few weeks. The money raised will be used by the OSV operator to invest in deepwater accommodation vessels and break into new markets such as Latin America.
POSH is the largest OSV operator in Asia with more than 112 vessels on its books.
POSH has approved a capital expenditure (capex) budget of $291.5m to fund its fleet expansion programme.
POSH has secured Hwang Investment Management and Fortress Capital Asset Management as cornerstone investors, and is looking to raise around $325m from the listing. [09/04/14]