Vallianz Holdings and China’s state-owned rail corporation CRRC have terminated the share subscription deal announced on Jan 25.
Under the deal, CRRC was to acquire a 13.9% stake in the offshore support vessel provider for $23.65 million.
The agreement required CRRC’s two subsidiaries, CSR Zhuzhou Electric Locomotive Research Institute (Hong Kong) and CRRS (Hong Kong) to subscribe to 550 million of new shares in Vallianz at 4.3 cents each.
The deal was however “terminated with mutual consent as the parties failed to reach an agreement with regard to the terms of the commercial cooperation agreement”, says Vallianz.
The group says it will continue to explore other potential strategic cooperation, partnerships and joint-venture opportunities to enhance the group's operations.
Shares of Vallianz closed at 4 cents on Monday.
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Under the deal, CRRC was to acquire a 13.9% stake in the offshore support vessel provider for $23.65 million.
The agreement required CRRC’s two subsidiaries, CSR Zhuzhou Electric Locomotive Research Institute (Hong Kong) and CRRS (Hong Kong) to subscribe to 550 million of new shares in Vallianz at 4.3 cents each.
The deal was however “terminated with mutual consent as the parties failed to reach an agreement with regard to the terms of the commercial cooperation agreement”, says Vallianz.
The group says it will continue to explore other potential strategic cooperation, partnerships and joint-venture opportunities to enhance the group's operations.
Shares of Vallianz closed at 4 cents on Monday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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