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Vallianz : Clarification Announcement

by October 26, 2016 General

CLARIFICATION ANNOUNCEMENTVallianz Holdings Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to provide a clarification statement after it has come to the Group’s knowledge that there is circulation of an online post and email in respect of a delay in payment of salaries for the crew on the vessel Swiber Explorer (“Explorer”).Vallianz wishes to clarify that the Group is not the owner of the vessel Explorer. The Group provides ship management services to the Explorer which was originally owned by Swiber Holdings Limited and its subsidiaries (“Swiber Group”). Vallianz was also informed that the Explorer has been detained in Dubai. Additionally, the Group also provides ship management services for another two vessels – Swiber Navigator (“Navigator”) and Swiber Sandefjord (“Sandefjord”) which were respectively owned by Swiber Group and Sentosa Offshore (“Sentosa”) that had filed for liquidation on 21 September 2016.Following the developments at Swiber Group and Sentosa, the ownership of these three vessels which are currently anchored off Dubai, has been affected. Notwithstanding that, Vallianz has been working closely with the relevant parties to review the current status of the three vessels.The Group has transferred the payment of the salaries for the crew on board the Explorer and the Navigator up till August 2016 and the crew should receive the monies in their accounts within the next two days. The Group has also made arrangements to settle the outstanding salaries due to the crew on the Sandefjord for the month of August 2016 before the end of this week. All outstanding salaries to the crew of the three vessels for the month of September 2016 will also be settled by the end of this week.According to the regulations in Dubai, a court application is required to repatriate or change the existing crew for detained vessels. Vallianz deeply regrets the current situation faced by the crew and is making every effort to help them.The Group also wishes to assure shareholders that its vessel chartering business operations are continuing as usual.By Order of the Board Ling Yong WahChief Executive Officer 26 October 2016This announcement has been prepared by the Company and its contents have been reviewed by the Company’ssponsor, Provenance Capital Pte. Ltd. (“Sponsor”), for compliance with the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist. The Sponsor has not independently verified the contents of this announcement.This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.The contact person for the Sponsor is Ms Wong Bee Eng, Chief Executive Officer, at 96 Robinson Road, #13-01, SIF Building, Singapore 068899.Telephone (65) 6227 1580 Email: wongbe@provenancecapital.comVallianz Holdings Limited published this content on 26 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 October 2016 23:51:03 UTC.
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