PACC Offshore to delist from SGX

Bid vehicle Quetzal capital and its concert parties now hold 96.48% of POSH’s shares.

SGX has approved the proposed delisting of PACC Offshore holdings (POSH), according to a bourse filing.

Quetzal capital has made a conditional cash offer to buy all of the issued and outstanding shares of POSH in November, resulting in the company’s free float falling below 10%. The company currently holds 96.48% of POSH’s shares.

Further, Quetzal capital will be exercising its right to compulsory acquire all the shares of the shareholders who have not accepted the price offer of $0.215 per share, the filing stated.

Quetzal capital is a bid vehicle formed by certain members of the Kuok group of companies, namely Kuok Singapore and Trendfield. 

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