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CATALIST-LISTED Vallianz Holdings will be issuing S$3.1 million worth of new shares to fully offset the amount of trade payables it owes to its creditors.
Close to 156.3 million of new shares, at S$0.02 apiece, will be issued by Vallianz's subsidiaries to eight creditors, the group said in a release to the Singapore Exchange on Monday evening. These creditors do not hold any shares of the offshore support vessels provider.
The issue price will be at a 16.28 per cent premium to the volume weighted average price of S$0.0172 for trades done on the Catalist on Monday, when the agreements between Vallianz's units and its creditors were signed.
A balance of S$77.22 after the share issuance will be paid in cash.
Assuming that the new shares have been issued, the existing number of issued shares will rise by 3.61 per cent from 4.32 billion to 4.48 billion.
This will result in the net asset value per share dropping from the present 4.17 US cents to 4.07 US cents.
Losses per share will narrow from the current 4.38 US cents to 4.20 US cents.