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Hot stock: Vallianz shares edge higher by 12% on news of settlement agreements

Thursday, May 25, 2017 - 10:18

SHARES of Vallianz Holdings which resumed trading on Thursday morning rose 0.2 Singapore cent or nearly 12 per cent to 1.9 Singapore cents as at 9.57 am.

It was one of the most active trades in the early session with 11 million shares worth S$197,000 done.

The offshore support vessel provider had called for a trading halt on Monday after releasing a weak set of results led by a slump in the oil and gas sector, and pending an announcement.

On Wednesday evening, the marine firm said that it has inked separate set-off and settlement agreements with Swiber Holdings Limited and Rawabi Holding Company to restructure up to US$139 million in net payables and shareholders' advances.

This, it said, marked the conclusion of the company's active discussions with Swiber and Rawabi. Swiber, which is under judicial management, owns 20.9 per cent of Vallianz while Rawabi, a strategic shareholder and partner, holds a 15.6 per cent interest.

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