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    Vallianz acquires Holmen

    Company News // April 5, 2016

    The Board of Directors of Vallianz Holdings Limited have announced that Vallianz International Pte Ltd, a wholly-owned subsidiary, has acquired 75,000 ordinary shares of Holmen Heavylift Offshore Pte Ltd, representing 75.0 per cent of its issued and paid-up share capital. Following the Acquisition, Holmen has become a subsidiary of the group.

    The consideration for the acquisition was US$6.0 million paid in cash to the seller of the shares. Such consideration was arrived at on a willing-buyer, willing-seller basis. Based on the unaudited financial statements of Holmen for the year ended 31 December 2015, the net tangible asset value of the shares was US$6.4 million.

    Holmen and its subsidiaries are principally engaged in the owning, operating and chartering of vessels.

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