Vallianz chairman quits to do charity; new chairman is controlling shareholder's CEO

THE chairman of Catalist-listed offshore vessel provider Vallianz Holdings is leaving to do more charity work, the board announced in a bourse filing on Wednesday (Dec 8).

AlTurki Abdulaziz Ali A, the 76-year-old chairman of controlling shareholder Rawabi Holding Company Ltd (RHCL), leaves the Vallianz board on Dec 8 itself, and is to be replaced the same day by Osman Aly Ibrahim Hassanein, 59, who has been the group president and chief executive of RHCL since 2009.

Osman Ibrahim, who lives in Saudi Arabia, has no prior experience as a director of a Singapore-listed company, but the board said in a bourse filing that he will attend the listed entity director programme by the Singapore Institute of Directors within a year of appointment.

Listing sponsor Provenance Capital has spoken with AlTurki and is satisfied that there are no material reasons for his departure, according to the filing. The board said that he is stepping down to spend more time on "charitable organisations and initiatives".

Vallianz last closed at S$0.05, with no shares traded on Wednesday.