Tuesday, Jun 2, 2015Tuesday, Jun 2, 2015

Singapore-based offshore services firm begins pre-marketing for $506m IPO: sources

Published on Feb 27, 2014 4:53 PM

SINGAPORE (Reuters) - Offshore marine services provider PACC Offshore Services Holdings (POSH), part of the business empire of Malaysia's richest man Robert Kuok, has begun tapping investors for a listing in Singapore that may raise up to US$400 million (S$506 million), two sources said on Thursday.

"The investor education for PACC Offshore Services has started," said one of the sources familiar with the deal.

A second source said the pre-marketing will last two weeks and after that the company will decide on the formal launch of the IPO.

The firm operates a fleet of more than 50 vessels and another 50 vessels will be delivered over the coming three years, according to its website.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!