Singapore’s Vallianz Holdings has said it will be business as usual at the offshore marine solutions firm, in response to a query from the Singapore Exchange, which questioned the stunning drop in its share price today.
Swiber Holdings, which holds a 25% stake in Vallianz, today declared it would be placed in liquidation. Swiber’s shareholding in Vallianz is effectively in the hands of liquidators now, sparking a sell-off that saw Vallianz’s shares dive 41.7% to 2.1 cents.
The news of Swiber’s demise was preceded with the news that Swiber founder and non-executive chairman Raymond Kim Goh had resigned from his position as Vallianz chairman and executive director overnight due to “heath reasons”.
“The group’s core vessel chartering business is focused mainly in the Middle East and its customers comprise primarily national oil companies. The group’s established position in the Middle East can be attributed to the support of its other controlling shareholder and joint-venture partner, Rawabi Holding Company Limited, which own a stake of 18.7% in the Company,” Vallianz said today.
“Rawabi has extensive knowledge and network in the Middle East oil and gas market. The group’s vessel charter revenue is largely driven by its Middle East operations.”
