Vallianz's deal with potential China investor CRRC falls through

VALLIANZ on Monday said that it has signed a termination deed with China's state-owned rail corporation CRRC to formally terminate the subscription agreement.

CRRC was supposed to pick up a 13.9 per cent interest in Vallianz through S$23.65 million of equity injection.

The proposed investment would have seen CRRC's two subsidiaries, CSR Zhuzhou Electric Locomotive Research Institute (Hong Kong) and CRRS (Hong Kong), subscribing to 550 million of new shares in Vallianz at S$0.043 per share.

The deal was "terminated with mutual consent as the parties failed to reach an agreement with regard to the terms of the commercial cooperation agreement", it said.

The offshore support vessel provider added that it will continue to explore other potential strategic cooperation, partnerships and joint-venture opportunities to enhance the group's operations.