POSH Goes Private on Wednesday

Singapore-based offshore support vessel operator PACC Offshore Services Holdings, or POSH, is set to go private on Wednesday.

OEDigital reported last week that Quetzal Capital, a Kuok Group company, had launched compulsory acquisition for the remaining shares of the offshore vessel operator.

Quetzal had launched a cash takeover offer for POSH back in November 2019, of S$0.215 a share, a 97.2 percent premium over the stock’s closing price on October 30.

By the time of the final closing date for the offer acceptance on January 2, Quetzal had controlled or received acceptances for 96,48 percent shares of POSH, meaning it had obtained the right to acquire the remaining shares via a compulsory acquisition.

In a statement on Monday, February 3, 2020, POSH said that "with the completion of the Compulsory Acquisition, the [POSH ] will be delisted from the official list of the SGX-ST with effect from 9:00 a.m. on 5 February 2020."

Back in November, Quetzal said that taking POSH private, amid continuing challenges in the global offshore oil and gas sector, would provide it with more flexibility to manage POSH’s operational and funding requirements, and also optimize the use of POSH’s resources.

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