Kuok Group makes takeover offer for POSH

It eyes to buy the firm for 21.5 cents per share.

Quetzal Capital has made a voluntary conditional cash offer to acquire all 1.81 billion issued and outstanding ordinary shares in PACC Offshore Services Holdings (POSH) for 21.5 cents per share, according to an announcement.

The company expressed that it does not intend to increase the price of its offer.

The offer is conditional on the Quetzal Capital receiving valid acceptances before closing, where the offeror will hold at least 90% of all shares in issue, excluding any treasury shares.

The offeror does not hold any shares to POSH as of the announcement. However, Quetzal Capital's shareholder Kuok (Singapore) Limited (KSL) and its parent company Kuok Brothers Sdn Bhd (KSBB) holds a total of 1.36 billion of its shares.