Vallianz Receives $10M Investment from UOC to Expand Business Ops
Vallianz Holdings Limited (Vallianz and together with its subsidiaries, the Group), a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, reported Thursday that United Orient Capital Pte Ltd. (UOC) will be investing $10 million in Vallianz to finance the Group’s expanding business operations.
Under a subscription deed that the Group signed with UOC, Vallianz will issue 10 million convertible preference shares (CPS) at an issue price of $1 per CPS to UOC (Proposed Subscription).
Said Ling Yong Wah, CEO of Vallianz, “We appreciate this investment commitment by UOC. Despite the uncertain business environment in the offshore oil and gas industry, we are continuing to expand our operations and remain positive of the Group’s long term outlook. UOC’s investment signals its confidence in Vallianz’s business model, growth and industry prospects.”
Said Yeo Wee Yap, Executive Director of UOC, said, “Our aim is to assist fast-growing companies by providing them with the growth capital they need to realize their expansion ambitions and business development plans. Vallianz has an experienced management team and a proven business model that is able to generate stable revenue streams. We believe Vallianz is well-placed to emerge stronger from the industry’s current downturn.”
Vallianz intends to use the net proceeds of $9.5 million from the Proposed Subscription for fleet expansion and general working capital.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Vallianz Updates on Swiber's Request for Payment of $63.5M in Arrears (Sep 01)
- Singapore's Troubled Swiber Holdings Opts for Judicial Management (Aug 01)
- Vallianz Secures $210M Contracts to Supply 13 OSVs to ME NOC (May 16)