POSH partners Grupo Pegaso for Mexico venture

Singapore-listed POSH announced that it has signed a term sheet with Mexico’s Grupo Pegaso for the latter to acquire interests in the company’s joint ventures in Mexico.

“The parties are now working towards signing a definitive agreement,” POSH said in a brief statement.

POSH had said earlier that it seeks to use Mexico as a springboard into Latin America and will expand its presence there.

The newly-listed company is also seeking to expand its offshore fleet to include deepwater accommodation vessels and to explore the inspection, maintenance and repair (IMR) business.

POSH, a 21% owned associate of Malaysian Bulk Carriers, has approved a capital expenditure budget of $291.5m to fund its fleet expansion programme.