Swiber Holdings

SHAREHOLDERS of Swiber Holdings have agreed to a proposed rights cum warrants issue, with all resolutions duly passed in an extraordinary general meeting on Thursday, said its judicial managers. The agreement is aimed at fully offsetting and settling the US$36.6 million sum owed by Vallianz to Swiber as at Dec 31, 2016.

Through the rights cum warrants issue, Vallianz's net owings to Swiber will be converted into shares in Vallianz's capital. The new right shares will be issued on the basis of one rights share at the issue price of 1.6 Singapore cents each, for every share held by a shareholder. Each rights share will come with two free detachable warrants, each carrying the right to subscribe for one new share at the exercise price of 1.6 Singapore cents apiece.