Vallianz hands out shares to trade creditors

Suppliers owed $2.25m to take stakes in Singapore owner.

Trade creditors of Singapore's Vallianz Holdings are to receive stock in exchange for their debts.

The offshore vessel player is handing out 156.26m shares to companies including KPM Marine, KTL Offshore and Highlander Marine.

These will pay off bills of SGD 3.125m ($2.25m), it said.

The shares will be issued at SGD 0.02 each, a premium of 16.28% to the average price of SGD 0.017 on 19 June.

The creditors will take a combined 3.49% stake after the capital is enlarged.