Vallianz secures US$10 million investmentCompany News // June 4, 2015
Vallianz Holdings Limited has confirmed that United Orient Capital Pte Ltd (UOC) will be investing US$10 million in the company.
Under a subscription deed that the group signed with UOC, Vallianz will issue 10 million convertible preference shares (CPS) at an issue price of US$1 per CPS to UOC.
Said Mr Ling Yong Wah, CEO of Vallianz: “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.”
Yeo Wee Yap, Executive Director of UOC, said: "We believe Vallianz is well-placed to emerge stronger from the industry’s current downturn.”
Vallianz intends to use the net proceeds of US$9.5 million from the proposed subscription for fleet expansion and general working capital.