Vallianz to buy two vessels for US$21.8m

OFFSHORE and marine service provider Vallianz Holdings, through its wholly owned subsidiary Vallianz Engineering, is buying two newbuilt vessels for US$21.8 million, to be paid in shares and cash.

Vallianz said on Thursday it had entered into two memoranda of agreements with an independent third party for the purchase of the vessels, which is done as part of its on-going business.

Some 10 per cent of the consideration, or US$2.18 million, will be paid by Vallianz in 70.5 million shares at 4.43 Singapore cents each. The rest will be paid in cash, to be funded by the group's internal resources and bank loans.

Vallianz shares last traded at 4.5 Singapore cents on Wednesday.