Vallianz Holdings buys two new vessels for $31.2m

About 10% of it will be paid in shares.

Vallianz Holdings’ subsidiary Vallianz Engineering Limited is poised to acquire two new built vessels for a total of around $31,245,940.

The company’s announcement stated that 10% of the purchase consideration, which amounts to approximately S$3,124,594, will be satisfied with 70,532,596 Vallianz new ordinary shares at an issue price of $0.443 per share. The balance of about S$28,121,346 will be paid in cash.

According to the announcement, the cash component of the payment will be funded by the company’s internal resources, as well as bank loans.

Vallianz also stated it does not expect the acquisition to have any material impact on the company’s net tangible assets per share, earnings per share, and operating results for the current financial year.