SINGAPORE (Reuters) - PACC Offshore Services Holdings (POSH) is looking to raise between $304 million and $334 million in a Singapore listing, according to a term sheet seen by Reuters.
POSH, which is part of the empire of Malaysia’s richest man, Robert Kuok, operates a fleet serving offshore oilfields in Asia, Africa and Latin America.
The company is also reserving the right to issue additional shares worth up to $46 million under a greenshoe option, meaning the total amount raised could be as much as $380 million.
Hwang Investment Management Berhad and Fortress Capital Asset Management are cornerstone investors in the deal.
Reporting by Saeed Azhar; Writing by Rachel Armstrong; Editing by Edwina Gibbs