Gallant Venture in subscription agreements to place out new shares for S$68.235m

GALLANT Venture Ltd has entered into subscription agreements with three investors who have agreed to subscribe for 513.045 million new shares for S$68.235 million or 13.3 Singapore cents apiece.

These new shares will make up 10.63 per cent of the issued shares or 9.61 per cent of the enlarged share capital of the group.

The subscribers are private investors who were introduced to the group by the chief executive officer, and are subscribing for the new shares for investment purposes, Gallant Venture said.

They are Emirates Investment Holding Pte Ltd, Lion Trust (Singapore) Limited (as Trustee of NS Industrial Fund) and Terrafirma Property Holdings Ltd.

Gallant Venture did not appoint any placement agent for purposes of the proposed subscription, and no commission or introduction fees are payable.

The issue price represents a discount of 0.75 per cent to the volume weighted average price of 13.4 Singapore cents for trades done on the shares of Gallant Venture on the full market day on Tuesday, the day when the subscription agreements were executed.

The completion of the proposed subscription is subject to obtaining in-principle approval from the Singapore Exchange for the listing of and quotation for the subscription shares on the main board, among other things.

Gallant Venture said that it plans to utilise half of the estimated net proceeds of S$68.173 million to finance its business expansion and the rest for general working capital.