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PACC Offshore Services Holdings set for $350m listing

PACC Offshore Services Holdings (POSH), the offshore services firm 21%-owned by Malaysian Bulk Carriers' (Maybulk) is planning a Singapore initial public offering (IPO) of up to $370m, with a good number of the shares going to Malaysian funds, local reports said.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 7, 2014

1 Min Read
Kalyakan - stock.adobe.com

The listing is scheduled for April 25 and is offering between $325m to $370m worth of shares depending on whether the overallotment option is exercised.

The reports said about $300m of the share sale is believed to be already covered by key investors and funds. Cornerstone investors have been allocated some $90m and anchor investors between $80m to $100m, mainly Malaysian funds.

Maybulk is expected to subscribe for around $50m of the IPO to prevent its stake from being diluted.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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