Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) has entered into an agreement with Dolphin Shipping Company to acquire the remaining equity stake in their Pacific Workboats joint venture.
Pacific Workboats is a 50:50 joint venture between POSH and Dolphin Shipping, a fully owned subsidiary of Sembcorp Marine. The company mainly offers harbour services in Singapore.
POSH will acquire Dolphin’s 50% stake in Pacific Workboats for $679,464 and expects to complete the deal by the end of this year.
For the acquisition to proceed, Pacific Workboats will first have to distribute $34m worth of dividends each to POSH and Dolphin, primarily in the form of vessels.
Last month, POSH’s 50% owned subsidiary POSH Terasea was hit by default claims from creditors.