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Vallianz says plans to penetrate Egypt, Iran in very early stage

Mr Ling Yong Wah, CEO of Vallianz Holdings.

VALLIANZ Holdings said it was in the preliminary stages of submitting for pre-qualification in Egypt as part of its continual efforts to increase its presence in the Middle East.

It will make the submission through its joint-venture company Rawabi Vallianz Offshore Services, said Vallianz in an announcement to the Singapore Exchange.

The offshore vessel owner said that while it hoped to be ready for tender opportunities in Egypt within the first half of 2016, there was no certainty that it would receive the qualification and approval within the intended timeframe.

"In light of the recent market developments in Iran, the group is currently at the initial stages of assessing the potential of this market," it added.

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The firm was clarifying an article published in The Business Times on Thursday following a press briefing by chief executive Ling Yong Wah that it was set for fleet expansion into Egypt and Iran.

Vallianz shares rose 0.1 Singapore cent or just over 2 per cent to 4.7 Singapore cents in early trade on Thursday.