<article>SGX-listed offshore support provider <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/vallianz" target="_blank">Vallianz</a> has acquired 75 per cent of Singapore-based Holmen Heavylife Offshore for $6 million, making Holmen a subsidiary of the group.</article>

SGX-listed offshore support provider <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/vallianz" target="_blank">Vallianz</a> has acquired 75 per cent of Singapore-based Holmen Heavylife Offshore for $6 million, making Holmen a subsidiary of the group.
In a filing, Vallianz is said to have purchased 75,000 ordinary shares of Holmen, which represents three-quarters of the company&#8217;s issued and paid-up share capital. With this deal, Vallianz will be able to further diversify its suite of products to include construction support vessels.
The acquisition amount, funded through internal resources, is paid in cash. The filing further noted that based on unaudited financial statements of the year that ended 31 December 2015, the Holmen shares have a net tangible asset value of $6.4 million.
In 2014, Vallianz had invested $2.85 in Holmen for a 45 per cent stake.
Meanwhile, Vallianz has also redeemed in full its Series No. 001 fixed rate notes amounting to S$100 million (about $74 million) on 1 April 2016, the maturity date of the notes. The notes carried a rate of 7.2 per cent.
A filing noted that the redemption of the notes is not expected to have a material impact on the net tangible assets or earnings per share of the issue for the financial year ending 31 December 2016.
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SGX-listed offshore provider Vallianz has also redeemed S$100 million in fixed-rate notes, alongside its acquisition of Holmen Heavylife Offshore.

Singapore: Vallianz acquires Holmen for $6m, redeems $74m notes

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Singapore: Vallianz acquires Holmen for $6m, redeems $74m notes

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