Vallianz acquires offshore services firmCompany News // October 1, 2014
Vallianz Holdings Limited is acquiring OER Holdings Pte Ltd for US$27.7 million.
Headquartered in Singapore, OER is a provider of manpower services to the offshore industry and has been supplying professional crew with proven experience in offshore work and related hospitality services to clients worldwide including Brunei, Indonesia, Malaysia, Vietnam, Thailand, India and Mexico.
The acquisition will enable Vallianz to attain greater efficiency in the management of crew personnel and raise the value of its services to customers. At the same time, it will also expand the groupís customer base and geographical footprint.
The purchase consideration will be satisfied by the issue of 250 million ordinary shares in the capital of Vallianz at a price of S$0.14 per share. This represents a substantial premium of 27 per cent to Vallianzís volume-weighted average price of S$0.1101 per share on 30 September 2014.
The acquisition follows on the heels of Vallianzís recent purchase of a marine base in Batam, Indonesia.