SINGAPORE - Shares of offshore services provider Vallianz Holdings nosedived by as much as 53 per cent on Thursday morning (July 28), following news that its controlling shareholder Swiber Holdings has filed to wind up and is under provisional liquidation.
At 9.30am, Vallianz shares plunged to 1.7 cents, down by a hefty 53.8 per cent from its closing price of 3.6 cents the day before - prompting a trading query from the Singapore Exchange.
As at 12.30 pm, Vallianz was back up slightly at 1.9 cents, and was the most heavily traded stock on the local bourse, with 180.1 million shares having changed hands.
The company on Wednesday announced that its non-executive director and chairman, Raymond Kim Goh, 48 - also the executive chairman and founding of Swiber - had resigned due to "health reasons".
This was quickly followed by Swiber's announcement early on Thursday, which said the group has filed an application to place the company under provisional liquidation, and that its directors have resigned "to pursue their own interests".
Cameron Lindsay Duncan and Muk Siew Peng were appointed as the joint and several provisional liquidators of the company.
The winding-up application will be heard in court on Aug 19.