Vallianz expects to raise as much as S$179m from enlarged rights issue

Singapore

VALLIANZ Holdings said on Thursday it now expects to raise as much as S$179 million in gross proceeds from an enlarged rights issue, with the rights shares having warrants attached to them.

This is part of the marine firm's set-off and settlement agreements with Swiber Holdings and Rawabi Holding Company to restructure up to US$139 million in net payables and shareholders' advances, with the two substantial shareholders to subscribe to the rights issue as part of the debt restructuring process.