Singapore's offshore services firm Vallianz Holdings is aiming to raise SGD52.2m ($41.7m) from the sale of 400m new shares.

The Singapore-listed firm has proposed a share placement of 230m shares plus another allotment of 170m which subscribers have agreed to subscribed.

Vallianz said 70-80% of the net proceeds will go towards fleet expansion while the remaining sum will be used for general working capital.

The companies participating in the share subscription include Legend Financial Limited, Golden Summit International Limited, Zymmetry Investments Ltd, ICH Partners Limited and ICH Invest & Trade Ltd.

Zymmetry Investments is beneficially owned by Toe Teow Heng and Newyard Worldwide Holdings, which in turn is wholly-owned by Ren Yuanlin, executive chairman of China's Yangzijiang Shipbuilding Group. Newyard is the single largest shareholder of Yangzijiang.

The issue price of the shares represents a discount of 10% to the weighted average price of SGD0.1505 for each share, based on the company's trading halt on the Singapore Exchange on 12 June 2014.