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Vallianz to raise $52.2m for fleet expansion by issuing new shares

Published on Jun 17, 2014 9:22 AM

SINGAPORE - Vallianz Holdings, an offshore marine services provider listed on the Singapore Exchange's Catalist board, plans to raise $52.2 million by issuing and placing out new shares, it said on Thursday.

It will use most of the net proceeds to expand its fleet, and the remainder for general working capital.

Vallianz will issue 230 million new shares at 13.545 cents apiece, to be placed out by UOB Kay Hian, Tata Capital Markets and Religare Capital Markets (Singapore). That will raise about $31.15 million.

The price represents a 10 per cent discount to the weighted average price of 15.05 cents per share based on trades in the company's shares last Wednesday, before trading was halted on Thursday.

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