Swiber applies to be wound up – Vallianz shares tank
Swiber Holdings is being wound up and has applied for provisional liquidation – affiliate Vallianz has seen its share price fall sharply
The Board of Directors of Swiber Holdings Limited have confirmed that on 27 July 2016 it made an application pursuant to section 254(1)(e) of the Companies Act (Cap. 50, 2006 Rev Ed) to wind up the company. The company’s winding-up application has been fixed for hearing on 19 August 2016. Additionally, the company had also filed an application to place the company in provisional liquidation.
Swiber also announced on 27 July that it had received ‘letters of demand’ for approximately US$25.9 million. The High Court of Singapore has appointed Cameron Lindsay Duncan and Muk Siew Peng, care of KordaMentha Pte Ltd, as the joint and several provisional liquidators of the company.
On 28 July, three of the directors of the company announced their resignations. They are: executive director Nitish Gupta; group chief financial officer Leonard Tay; and executive director and vice chairman Francis Wong.
Following the shock announcement, the share price of Vallianz Holdings collapsed. Swiber Holdings is its controlling shareholder.
On 27 July 2016 Vallianz had announced that its non-executive director and chairman, Raymond Kim Goh, had resigned due to health reasons. Mr Goh is also the executive chairman and founder of Swiber Holdings.