Kuok (Singapore) Limited, Trendfield Inc. and Merry Voyage Limited made a voluntary conditional cash offer to acquire PACC Offshore Services Holdings Ltd. (SGX:U6C) from a group of sellers for approximately SGD 390 million on November 4, 2019. The offer price shall be SGD 0.215 payable in cash. For the shares to be tendered by Camsward Pte Ltd pursuant to the irrevocable undertakings, payment will be deferred. The offer price is final and the offerors do not intend to increase the offer price. In the event any distribution is or has been announced, declared, paid or made, the offer price payable to such accepting shareholder shall be reduced by an amount which is equal to the amount of such distribution. If such settlement date falls on or before the books closure date for the determination of entitlements to the distribution, the offer price for each offer share shall remain unadjusted. If such settlement date falls after the books closure date, the offer price for each offer share shall be reduced by an amount which is equal to the amount of the distribution. The offeror intends for PACC Offshore to continue its existing business activities and there are at present no plans to (i) introduce any major changes to the businesses or operations of PACC Offshore or any of its subsidiaries; (ii) re-deploy any of the fixed assets of PACC Offshore and its subsidiaries; or (iii) discontinue the employment of any of the existing employees. The offeror intends to, and hereby reserves its right, to take steps at an appropriate time, whether during or after the offer, to seek a voluntary delisting of PACC Offshore from the Singapore Exchange Securities Trading Limited, where permitted by, and in accordance with, the relevant requirements. If the offeror receives valid acceptances amounting to 90% of the total number of shares in issue, the offeror will be entitled to exercise its right to compulsorily acquire, at the offer price, all shares held by shareholders who have not accepted the offer. Kuok (Singapore) Limited, Trendfield Inc. and Merry Voyage Limited received valid acceptances of the offer in respect of not less than 90% of the total number of shares in issue. Kuok (Singapore) Limited, Trendfield Inc. and Merry Voyage Limited are entitled to, and will in due course, exercise its right of compulsory acquisition. PACC Offshore will become a wholly-owned subsidiary of the offeror and the offeror will then proceed to delist PACC Offshore from the Singapore Exchange Securities Trading Limited. The offer is conditional upon the offerors having received valid acceptances which will result in the offerors holding not less than 90% of the total number of shares in issue. As of November 28, 2019, PACC Offshore Services Holdings Ltd issued circular to its shareholders. The recommending directors along with independent financial advisor of PACC Offshore recommended its shareholders to accept the offer. As of November 4, 2019, Kuok (Singapore) acquired 0.77 million shares of 0.04% stake in PACC Offshore Services Holdings. As of December 11, 2019, the offeror received valid acceptances of shares as a result offer becomes unconditional. Offer period will expire on December 18, 2019. Closing date of offer period is extended to January 2, 2020. Oversea-Chinese Banking Corporation Limited acted as financial advisor for the offerors. Provenance Capital Pte. Ltd. acted as independent financial advisor to Directors of committee of PACC Offshore Services Holdings Ltd.

Kuok (Singapore) Limited, Trendfield Inc. and Merry Voyage Limited completed the acquisition of PACC Offshore Services Holdings Ltd. (SGX:U6C) from a group of sellers on January 2, 2020. As of January 2, 2020, offeror got acceptance of 96.48% stake and offeror will exercise compulsary acquisition and have applied for delisting of PACC Offshore from stock exchange. Kuok (Singapore) Limited, Trendfield Inc. and Merry Voyage Limited exercised the right of compulsory acquisition for acquisition of remaining shares in PACC Offshore Services Holdings Ltd. (SGX:U6C) at SGD 0.215 per share on January 28, 2020. On January 29, 2020, the Singapore Stock Exchange informed that it has no objection to the proposed delisting of PACC Offshore from the Official List of the SGX-ST following the completion of the compulsory acquisition. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar for the offerors.