Vallianz sells off loss-making crew management subsidiary for nominal US$1

Annabeth Leow

Published Mon, Jan 11, 2021 · 06:20 PM

CATALIST-LISTED offshore support vessel operator Vallianz Holdings sold off a wholly-owned subsidiary for US$1 on Dec 31, it disclosed a week and a half later.

Loss-making crew management unit Offshore Engineering Resources was sold on a willing buyer, willing seller basis - without a valuation exercise - to an unrelated third party, the Vallianz board said in a bourse filing on Monday.

The unit and its two 99 per cent-owned subsidiaries had together rung up an interim net loss of US$324,000 for the nine months to Dec 31, 2020, with unaudited net tangible liabilities of some US$20,000 as at the same date, Vallianz noted in its statement.

The disposal of the entities - which Vallianz said counted as a non-discloseable transaction under Catalist rules - is not expected to materially affect the group's net tangible assets or earnings per share for its financial year to March 31, 2021.

Shares last traded on Jan 8 at 4.6 Singapore cents apiece.