OER, which is headquartered in Singapore, specializes in the provision of manpower services to the offshore industry.

Led by business entrepreneur Sugianto Tandio, its operational footprint covers Brunei, Indonesia, Malaysia, Vietnam, Thailand, India and Mexico.

Singapore-listed Vallianz plans to fund the acquisition by issuing 250m new shares at SGD 0.14 (11 US cents) each.

This represents a substantial premium of 27% to Vallianz’s volume-weighted average price of SGD 0.11