Kuok Makes Cash Offer for POSH
The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively, POSH said in a statement.“The offer presents shareholders with a unique cash exit opportunity to realize their entire investment in POSH at an attractive premium over prevailing trading prices,” Quetzal Capital said in a filing to SGX.
Offshore firm's IPO may give Singapore market shot in the arm
This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year. The deal from PACC Offshore Services Holdings (POSH), the largest Asia-based international operator of support vessels for offshore oilfields, comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.
Drydocks World Enters Into Shareholders Agreement
Drydocks World LLC (DDW LLC) & Pacific Carriers Limited (PCL) a fully owned subsidiary of the Kuok (Singapore) Limited Group has announced that they have entered into a Shareholders Agreement in respect of the Drydocks World-Southeast Asia Pte. Limited (DDW SEA) Group. Under this agreement which was signed on September 26th 2012, PCL acquired & subscribed to 67% of the shareholding of DDW SEA. DDW SEA had recently completed a debt restructuring scheme in Singapore resulting in DDW SEA being a debt free company. DDW SEA will be renamed as DDW-PaxOcean Asia Pte Ltd (DDW-PaxOcean).
Drydocks World Creditors Approve J/V Scheme
Background: On 27 June 2012, DDW announced that it had entered into a joint venture agreement with Pacific Carriers Limited ("PCL"), a wholly-owned subsidiary of Kuok (Singapore) Limited. The SEA Group would, following completion of the transaction, be managed as a joint venture between DDW and PCL and would be called DDW-PaxOcean Asia. Pte Ltd. Completion of this transaction was conditional on, amongst other things, the Schemes being approved by the Creditors. The creditors meeting duly approved the proposed schemes, commenting Khamis Juma Buamim, Chairman of Drydocks World and Maritime World said: “I am pleased with this strong support and overwhelming commitment from our creditors to keep the company sustainable and poised for growth with all its great potentials.
Drydocks World Commits to Joint Venture
The new venture will subsequently be renamed DDW-PaxOcean Asia Pte Ltd and will continue to have its headquarters in Singapore. Khamis Juma Buamim, Chairman of Drydocks World and Maritime World, will also serve as the Chairman of the Board of DDW-PaxOcean Asia. Mr. Buamim said, “We are committed to this partnership with Kuok and its subsidiaries, which has a long-standing reputation in the shipping industry. Our clients can now benefit from the combined strengths of both our organisations and a broadened global reach within the maritime industry. All parties will work together to grow DDW-PaxOcean Asia into a leading yard in the region. The two partners will also collaborate on cross-promotional activities and other strategic initiatives within the offshore and marine industry.
Drydocks World Announces a Joint Venture Partnership
Drydocks World announced that it has entered into a global strategic alliance with Kuok Group to form a Joint Venture between Drydocks World – SEA and Pacific Carriers Limited. The new venture will subsequently be renamed DDW-PaxOcean Asia Pte Ltd and will continue to have its headquarters in Singapore. Khamis Juma Buamim, Chairman of Drydocks World and Maritime World, will also serve as the Chairman of the Board of DDW-PaxOcean Asia. Mr. Buamim said, “We are committed to this partnership with Kuok and its subsidiaries, which has a long-standing reputation in the shipping industry.
