Singapore: PACC Offshore Services Holdings (POSH) has canned its planned Mexican tie up. The proposed acquisition, announced this July, by Grupo Pegaso of interests in POSH’s joint ventures in Mexico has been aborted. No reason was given for the cancellation of the venture.

POSH, partly owned by Malaysian Bulk Carriers, has approved a capital expenditure budget of $291.5m to support its fleet expansion programme.