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Vallianz requests trading halt

VALLIANZ Holdings has requested for a halt in the trading of its shares, before the opening of Monday's market.

The provider of offshore marine solutions to the oil and gas industry said in a 7.38am announcement on Singapore Exchange that it was "pending release of announcement".

Last week, Vallianz said that certain entities within the group have recently received letters from the interim judicial managers (IJMs) of Swiber Holdings and Swiber Offshore Construction (SOC), requesting payments totalling about US$63.5 million, which the IJMs claim to be funds owed to Swiber and SOC.

Vallianz has declined to make such payments, citing various reasons such as the fact that extended credit and netting off practices have been "an established course of dealings" between Vallianz and Swiber.

Vallianz had said it is awaiting a response from the IJMs, and will make further announcements when appropriate.