VALLIANZ Holdings: The offshore & marine services provider announced its acquisition of OER Holdings for US$27.7 million. The acquisition of OER, which is a provider of manpower services to the offshore industry, will enable Vallianz to attain greater efficiency in the management of crew personnel and raise the value of its services to customers. At the same time, it will also expand the group's customer base and geographical footprint. The purchase consideration will be satisfied by the issue of 250 million ordinary shares in the capital of Vallianz at a price of S$0.14 per share, representing a substantial premium of 27 per cent to Vallianz's volume-weighted average price of S$0.1101 per share on Sept 30.
Giken Sakata: The group's subsidiary, PT Cepu Sakti Energy, has secured a 10-year extension for both the Trembul Agreement and Gabus Agreement allowing it to operate in its Trembul oil field until Nov 2, 2020 and Gabus oil field until Dec 14, 2021. Both agreements can be further extended for another five years. Since these oil fields are much deeper than the other wells in the group's portfolio, the extensions provide greater potential for the production of oil and give it higher visibility on its drilling schedule for these two oil fields and its portfolio as a whole.
Yoma Strategic Holdings: The group announced the use of the balance of the net proceeds from its placement, which amounted to S$59.5 million as at Aug 28, as follows: S$2.5 million as payment for the marketing and sales commission for the company's real estate developments - Pun Hlaing Golf Estate and Star City; S$3.5 million as payment for its pro rata contribution to the automobile businesses; and S$2.6 million as working capital used for staff costs, project fees and professional fees. With these utilisations, out of the gross proceeds of S$94.5 million raised from the placement, about S$50.9 million remains unused.