SINGAPORE (Yosefardi) – Vallianz Holdings Limited, a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, through wholly-owned subsidiary Vallianz Shipbuilding & Engineering Pte. Ltd. (VSE), has entered into a conditional sales and purchase agreement (SPA) to acquire a shipyard facility in Batam, Indonesia for S$19.8 million to establish its own marine base.
Pursuant to the SPA, VSE will acquire the entire share capital of Singapore-incorporated Jetlee Shipbuilding & Engineering Pte Ltd (Jetlee) and its 99% owned Indonesian entity PT United Sindo Perkasa (PTUSP and together with Jetlee, the “Jetlee Group”).
PTUSP owns a fabrication and engineering shipyard located at Kabil, Nongsa, Batam City, Kepulauan Riau Province, Indonesia (Marine Base). The Marine Base occupies a land area of about 8.8 hectares with a water front of about 390 metres in length.
The Consideration shall be satisfied by the issue of approximately 143.3 million ordinary shares in the capital of Vallianz at an issue price per Consideration Share of S$0.138.
The Issue Price represents a significant premium of 24% to Vallianz’s volume weighted average price of S$0.1116 per share on 19 September 2014.