Vallianz shareholders back fund-raising, diversification plans

VALLIANZ Holdings, an integrated offshore marine solutions services provider in the oil and gas industry, has received shareholder approval for its plans to boost its capital base and diversify its business.

The go-ahead came at an extraordinary general meeting (EGM) on Monday.

Under an option agreement, Vallianz will grant 500 million non-transferrable share options at an exercise price of 5.5 cents per option to mainboard-listed offshore oil and gas company Swiber Holdings. This could help it raise US$22 million, assuming all options are exercised.