SINGAPORE (Reuters) - Singapore-listed Vallianz Holdings Ltd said it plans to issue up to US$500 million (S$633 million) in Islamic bonds to finance Shariah compliant investments, to replenish its working capital and for its refinancing needs.
The announcement follows in the steps of its biggest shareholder, Swiber Holdings which established a $500 million Islamic bond programme in July and debuted a $150 million tranche in August.
Shares in the company, which provides vessel services for offshore oil and gas firms, shot up nearly 7 percent on Tuesday to $0.172, just below a more than three-year high of $0.177 hit on Dec 20. The company, which has a market value of just $189 million, has seen its share price triple this year, its biggest annual gain since the company listed in 2001.
Swiber Holdings, an offshore oil and gas field service firm, holds a 28.88 per cent stake of Vallianz.