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Robert Kuok News

23 May 2016

Maybulk on Selling Spree

Malaysian Bulk Carriers Bhd (Maybulk) is said to be putting two more vessels up for sale, says The Edge, a local media. This comes on the heels of reports that it has sold one of its five post-Panamax dry bulk carriers — the 87,000-deadweight tonne (dwt) Alam Pesona — for US$6.8 million (RM27.88 million). The country’s largest dry bulk shipowner controlled by tycoon Tan Sri Robert Kuok  is now in talks to sell Alam Padu, a bulk carrier built in April 2005 and has a deadweight of 87,000 tonnes, and Alam Murni, which is a 2003-built, 53,000dwt Supramax bulk carrier. Sources said that while Alam Pesona had been sold to Greek shipowner Navitas Compania Maritima SA, it is unclear who the buyers of the other two vessels are.

17 Apr 2014

POSH raises $311m in Singapore IPO

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, the company said on Thursday. The deal 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. POSH priced the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, it said in its prospectus.

16 Apr 2014

POSH may raise $311 Mln in Singapore IPO

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said. Underwriters have recommended POSH to price the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option. The final price needs to be approved by the company or the company's board, the sources added. The sources declined to be named, while the company was not immediately available for a comment.

08 Apr 2014

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.

07 Apr 2014

POSH attracts Hwang, Fortress as IPO investors

PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400 million. The two cornerstone investors would take up 85.6 million shares, according to the company's preliminary prospectus. POSH operates a fleet serving offshore oilfields in Asia, Africa and Latin America. Singapore is home to the world's two biggest rig builders, Keppel Corp Ltd and Sembcorp Marine Ltd, as well as smaller oil services companies such as Ezion Holdings Ltd. The sources declined to be identified because the information has not been made public.