Kuok family set to list Posh oil and gas services business

A subsidiary of family-controlled Kuok Group is set to launch Singapore's largest initial public offering of the year when its shares start trading this week.

Pacc Offshore Services Holdings (Posh) is listing 337.6 million shares and is expected to raise about SGD$375 million (€216 million).

Posh is an offshore support vessel business for the oil and gas sector that also provides floating accommodation for oil workers.

It claims to be the largest Asia-based international operator of offshore support vessels, with a fleet of 123 vessels plus another 154 on order.

Second-generation family member Kuok Khoon Ean has been appointed as chairman and a non-executive director of Posh as part of the listing process.

The Kuok Group has diversified investments in a range of industries from owning the Shangri-La Hotel chain to being the publisher of the South China Morning Post.

Posh is expected to have a market capitalisation of about SGD2.1 billion when listed.