Vallianz secures $10m from UOC for fleet expansion

Vallianz secures $10m from UOC for fleet expansion

Singapore: Singapore-listed marine service provider Vallianz Holdings has announced that it will issue 10m convertible preference shares to United Orient Capital Fund (UOC) at $1 each to raise $10m.

Vallianz said the net proceeds of $9.5m will go towards fleet expansion, with the remaining going to replenish general working capital, adding that the existing bank facilities and working capital available to the group are sufficient to meet current requirements.

“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 Ling Yong Wah, ceo of Vallianz.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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1 Comment

  1. Avatar
    Joe Hefferon
    June 4, 2015 at 1:52 pm

    They must be one of the few expanding their fleet in this market. It’s already over-supplied.