Singapore firm issues $500m Islamic bond

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VallianzSingapore-listed Vallianz Holdings Ltd, a provider of vessel services for offshore oil and gas firms, said it plans to issue up to $500 million in Islamic bonds to finance Shariah compliant investments, to replenish its working capital and for its refinancing needs, Reuters reported.

The announcement follows in the steps of its biggest shareholder, Swiber Holdings, which established a $500 million Islamic bond programme in July 2013 and debuted a $150 million tranche in August.

Shares in the company shot up nearly 7 per cent on December 24. The company, which has a market value of just $189 million, has seen its share price triple in 2013, its biggest annual gain since the company listed in 2001.

Swiber Holdings, an offshore oil and gas field service firm, holds a 28.88 per cent stake of Vallianz.

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Reading Time: 1 minute

Singapore-listed Vallianz Holdings Ltd, a provider of vessel services for offshore oil and gas firms, said it plans to issue up to $500 million in Islamic bonds to finance Shariah compliant investments, to replenish its working capital and for its refinancing needs, Reuters reported.

Reading Time: 1 minute

VallianzSingapore-listed Vallianz Holdings Ltd, a provider of vessel services for offshore oil and gas firms, said it plans to issue up to $500 million in Islamic bonds to finance Shariah compliant investments, to replenish its working capital and for its refinancing needs, Reuters reported.

The announcement follows in the steps of its biggest shareholder, Swiber Holdings, which established a $500 million Islamic bond programme in July 2013 and debuted a $150 million tranche in August.

Shares in the company shot up nearly 7 per cent on December 24. The company, which has a market value of just $189 million, has seen its share price triple in 2013, its biggest annual gain since the company listed in 2001.

Swiber Holdings, an offshore oil and gas field service firm, holds a 28.88 per cent stake of Vallianz.

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