Gallant Venture in private share placement to 3 investors to raise $68.2 mil

SINGAPORE (Nov 21): Gallant Venture, the investment holding company with focus on regional growth opportunities, is selling a total of 513 million new shares under a private placement to three investors at 13.3 cents each to raise $68.2 million.

Half of the net proceeds will be used to finance the group’s business expansion while the other half will be used for general working purposes.

Investors Emirates Investment Holding and Lion Trust (Singapore) will each receive a 3.84% stake in the enlarged share capital of company for $27.3 million each while Terrafirma Property Holdings end up with a 13.6% stake in the company for $13.6 million. In total, the subscription shares represent 9.61% of the enlarged share capital of the company.

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