Gallant Venture Ltd. (SGX:5IG) agreed to acquire an additional 8.8% stake in PT Bintan Resort Cakrawala from Keppel Land Limited, Oversea-Chinese Banking Corporation Limited (SGX:O39), United Overseas Bank Limited (SGX:U11), DBS Bank Ltd., UOL Equity Investments Pte. Ltd. and Tropical Resorts Limited for SGD 5.1 million on May 11, 2021. The purchase consideration is for sale shares and convertible loan stocks aggregating to SGD 13.25 million. Under the terms of the agreement, consideration shall be fully satisfied by the issue of 38,306,922 new ordinary shares in the capital of Gallant Venture Ltd., representing approximately 0.70% of the enlarged total number of issued shares. The transaction is conditional upon the satisfaction (or waiver) of listing approval from Singapore Stock Exchange and third party approval. The approval in-principle for the listing and quotation of the consideration shares was granted by the SGX-ST on June 29, 2021 for the listing and quotation of the consideration shares. The consideration shares are expected to be listed and quoted on the Mainboard of the SGX-ST with effect from July 9, 2021.

Gallant Venture Ltd. (SGX:5IG) has completed the acquisition of an additional 8.8% stake in PT Bintan Resort Cakrawala from Keppel Land Limited, Oversea-Chinese Banking Corporation Limited (SGX:O39), United Overseas Bank Limited (SGX:U11), DBS Bank Ltd., UOL Equity Investments Pte. Ltd. and Tropical Resorts Limited on July 6, 2021.