Vallianz buys 75% of Holmen Heavylift Offshore for US$6m

SINGAPORE-LISTED offshore support vessel player Vallianz Holdings has acquired 75 per cent of Holmen Heavylift Offshore for a cash consideration of US$6 million.

The company has performed the acquisition of the stake, representing 75,000 ordinary shares of Holmen, through its wholly owned subsidiary Vallianz International.

Holmen has become a subsidiary of Vallianz Holdings following the acquisition, Vallianz said in a filing to Singapore Exchange on Friday.

Vallianz also said the net tangible asset value of the stake in Holmen was US$6.4 million based on the unaudited financial statement of Holmen for the year ended Dec 31, 2015.

The acquisition was funded through internal resources of Vallianz Holdings and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the company and its subsidiaries for the financial year ending Dec 31, 2016.