Vallianz requests for trading halt

VALLIANZ Holdings on Tuesday asked for a trading halt.

This comes after it reported on Feb 13 that its net profit for the fourth quarter of 2016 fell 35.4 per cent to US$3.1 million, compared with US$4.7 million a year ago.

As at Dec 31, 2016, Vallianz had trade and other receivables owing from Swiber entities amounting to US$97.2 million. It also had trade payables and other payables owing to Swiber entities of about US$87.3 million, of which US$29.4 million is owed by the company.

The company had then said that it had not been served with any notices of any event of default for any of its loans which have corporate guarantees from Swiber, and it successfully obtained waivers for event of default from two of the three bank loans. It remains in active discussion with the third bank.