China's Rail Company CRRC Acquires 13.9% Stake in Singapore's Vallianz
Jiang Yi, deputy general manager of CRRC Zhuzhou Electric Locomotive Research Institute Co. Ltd. said, “We identified Vallianz as the company possessing the capabilities to become our strategic partner and to help CRRC realize our plans to expand into the offshore and marine sector. Vallianz is an established owner and operator of offshore support vessels with a wide geographical reach as it serves national and international oil companies in Asia Pacific, Middle East and Latin America. Together with its track record, in-house shipbuilding and design capabilities, we are confident that Vallianz can pave the way for CRRC to penetrate a new customer segment and showcase our offshore and marine technologies to the world.”
Listed on the Hong Kong and Shanghai stock exchanges, CRRC is a leading enterprise in China’s rolling stock industry. As at Jan. 22, CRRC has a market capitalization of $41.2 million (HKD 321.50 billion). CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. is one of the three key enterprises within CRRC Group, and the parent company of CSR Zhuzhou Electric Locomotive Research Institute (Hong Kong) Co., Limited which is one of the investors in the Proposed Investment. The CRRC Group provides drive and control products for the world’s most advanced high-speed electric multiple unit (EMU), high-power locomotives, urban rail vehicles as well as diesel-electric and control equipment for vessels.
Said Sheikh Abdulaziz Alturki, group chairman of Rawabi, “As China companies are actively seeking strong partners to expand their presence in the global marketplace, the Proposed Investment is a resounding vote of confidence in Vallianz. Given CRRC’s impressive history and advanced technologies, we look forward to collaborating closely with them to develop Vallianz into one of the world’s leading offshore marine services providers.”
Francis Wong, CEO of Swiber said, “As strategic shareholders, Swiber and Rawabi take a long-term view of Vallianz’s growth potential and remain confident of Vallianz’s prospects despite the current market situation.”
Said Clifford Lee, Managing Director & Head of Fixed Income, Treasury & Markets, DBS Bank Ltd., “We are very pleased with Vallianz’s success in attracting such a world class company, it bodes well for all stakeholders involved.” DBS acted as advisor to Vallianz for this transaction.
The Proposed Investment is subject to the completion of due diligence among other conditions in the subscription agreement. The Group intends to use the proceeds from the Proposed Investment for general working capital needs.
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