Creditors show support for VallianzCompany News // February 23, 2017
Vallianz Holdings Limited says it has entered into letters of agreement with certain trade creditors to settle S$7.6 million of trade payables via the issue of new ordinary shares in Vallianz.
Certain subsidiaries of the group have entered into Letter Agreements on 21 February 2017 with a total of 13 Trade Creditors. Pursuant to the Letter Agreements, the Trade Creditors will subscribe for 380.6 million new ordinary shares in Vallianz (“Settlement Shares”) at S$0.02 per share.
The aggregate amount of proceeds from the issue of these Settlement Shares will be set-off against trade payables of S$7.6 million owing to the creditors.
Mr Ling Yong Wah, CEO of Vallianz, said: “The group has over the years built up long term working partnerships with our vendors. They have a good understanding of the Group’s business and we believe this exercise is a reflection and testament of their trust and confidence in Vallianz’s prospects.”