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.