Vallianz expects to complete IPT policy review by Feb 29

CATALIST-LISTED Vallianz Holdings expects to complete a review of its interested person transactions (IPT) policy by Feb 29 as it needed more time to review certain findings, the company said in a bourse filing on Monday.

The offshore support vessel provider had previously extended a Dec 31, 2019 deadline to Jan 31, 2020.

In addition, the company will hold an extraordinary general meeting to seek shareholders' approval and ratification for the relevant IPTs which has surfaced during the review by April 30, 2020 instead of by March 31.

In August 2019, Vallianz said it would take measures to "comprehensively review" its IPT policy in its response to queries from the Singapore Exchange.

This was over certain advances and corporate guarantees it had extended to its subsidiaries and joint venture companies - namely Holmen Heavylift Offshore, Rawabi Vallianz International Company, Rawabi Vallianz Offshore Services Company and Resolute Pte Ltd.

The review aims to tighten measures to ensure that all future transactions will be analysed for possible IPTs prior to contract, and for compliance with relevant regulatory disclosure requirements, said Vallianz.

Vallianz shares closed up S$0.013 or 14.6 per cent to S$0.102 on Friday.