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.