Vallianz to establish marine base in Indonesia

Vallianz Holdings Limited has entered into a deal to acquire a shipyard facility in Batam, Indonesia for S$19.8 million to establish its own marine base.

Pursuant to the agreement, Vallianz Holdings’ wholly-owned subsidiary Vallianz Shipbuilding & Engineering Pte. Ltd. (“VSE”) will acquire the entire share capital of Singapore-incorporated Jetlee Shipbuilding & Engineering Pte Ltd and its 99% owned Indonesian entity PT United Sindo Perkasa (“PTUSP”). PTUSP owns a fabrication and engineering shipyard located at Kabil, Nongsa, Batam City, Kepulauan Riau Province, Indonesia. The Marine Base occupies a land area of about 8.8 hectares with a water front of about 390 metres in length.

The consideration will 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.

The consideration was arrived at on a willing seller and willing buyer basis after taking into account existing assets, valuation of the Marine Base and financial position of Jetlee Group.

Chief Executive Officer of Vallianz, Darren Yeo said, “With direct ownership in a shipyard facility, Vallianz will have its own marine base to dock and carry out maintenance operations for our vessels and third-party vessels that are managed by the Group. As we continue with our fleet expansion program, we expect to reap greater cost savings and operating efficiencies from having our own marine base as compared to leasing third-party shipyards.”

Yeo added, “The shareholders of Jetlee are industry veterans with decades of experience in the marine sector. They will be allotted new shares in Vallianz that are priced at S$0.138 per share, which is a significant premium to the current share price. This clearly underscores their confidence in the Group’s business and growth prospects.”

The shareholders of Jetlee Group include Ng Chee Keong, Chan Kwan Bian and Teo Guo Ping, who have a combined stake of 90% in Jetlee.

Ng Chee Keong, who founded Jetlee in 1992 as a joint venture with Pan-United Marine Limited, is experienced in the marine and engineering field.

Chan Kwan Bian is an industry veteran in the marine and offshore sector and was a co-founder of Labroy Marine Ltd. which was formerly listed on the SGX-ST and subsequently sold to Dubai Drydocks World LLC in 2008 for US$1.7 billion.

Teo Guo Ping, who was with Pan-United Corporation Limited prior to joining Jetlee in 2002, has over 20 years of experience in the shipbuilding industry.

The Acquisition is subject to the fulfillment of several conditions including approval for the allotment and issue of the Consideration Shares,

Press Release, September 23, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply