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Gallant Venture disposes of Starhome for US$20.5m

MAINBOARD-LISTED investment holding firm, Gallant Venture, on Monday announced a 100 per cent equity interest disposal of Starhome Limited, to Segovia Global Limited for a cash consideration of US$20.5 million.

Performed through its wholly owned subsidiary, Verizon Resorts Limited, the disposal sum was reached after taking into account several factors, including existing assets, financial position and business prospects of Starhome and its subsidiaries.

Accordingly, Starhome and its subsidiaries have ceased to be the subsidiary of both Verizon Resorts and Gallant Venture.

Gallant Venture is majority-owned by Indonesia's Salim Group, while SembCorp Industries is another significant shareholder.

With total assets of S$2.6 billion, Gallant Venture operates in four key business segments: utilities, industrial parks, resort operations and property developments.

The board of directors of Gallant Venture does not expect the disposal of Starhome to have material impact on the net tangible assets and earnings per share of the company and its subsidiaries for the current financial year ending Dec 31, 2014.

On Monday, after jumping 2.08 per cent, Gallant Venture's counter closed at S$0.245.