Vallianz shares slide after placement announcement

SINGAPORE (Reuters) - Shares in offshore marine services provider Vallianz Holdings fell as much as 6.3 per cent on Tuesday, as trading resumed after the company announced a placement of new shares.

Vallianz shares dropped to as low as $0.147, as volume nearly tripled its 90-day daily turnover in early trade.

The company said it plans to place up to 230 million new ordinary shares at the placement price of $0.13545 per share.

It has also entered separate share subscription agreements with a number of investors for 170 million shares at the same price.

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