On Sep 6, River Point Ventures acquired 397 million shares of Gallant Venture : 5IG +1.6%, with the 7.27 per cent direct interest taking the deemed interest of Anthoni Salim from 65.84 per cent to 73.11 per cent.

 

The married deal was booked at 12.6 cents per share with a consideration of S$50,022,000. As reported by The Business Times on Sep 6, River Point Ventures is controlled by another entity called Smart Head Assets.

 

In turn, Salim has an interest of over 50 per cent in Smart Head.

 

On Aug 8, Gallant Venture reported H1 2022 revenue of S$75.8 million, which was 4.4 per cent higher than H1 2021&rsquo s S$72.6 million.

 

This was mainly due to higher revenue from rental and related income and utilities driven by the improved occupancy from the industrial parks segment coupled with improvement in the resort segment as a result of the relaxed travel restrictions with quarantine-free travel arrangements between Bintan and Singapore.

 

The group also said that it is optimistic that the further easing of global travel restrictions and pent-up demand for leisure travel will fuel travel recovery for Bintan Resort and put it back on the tourist map.

 

For the industrial parks, the demand for its industrial spaces remains high and this segment is expected to continue to outperform with sustained growth in industrial lettable spaces and rental yield.

 

The group also noted that the current construction of new factories in Batamindo Industrial park will further add 70,800 square metres of new industrial spaces up to 2023.

 

Resources Global Development

 

On Sep 5, Resources Global Development : QSD 0% executive director and chief executive officer Francis Lee Yaw Loong acquired 100,000 shares at S$1.18 per share.

 

This took his direct interest in the Catalist-listed company to 0.11 per cent.

 

Lee is responsible for the overall management, strategic planning and development, and the expansion and growth of the group.

 

He has over 25 years of experience and expertise in managing companies in the trading, shipping, investment holding and agriculture sectors.

 

Resources Global Development procures thermal coal from coal mines located in South Kalimantan for domestic and export sales.

 

It also provides chartering services of tugboats, barges and bulk carrier to transport coal mainly within the Indonesian territories.

 

Lee previously served as an alternative non-executive director on the board of Beng Kuang Marine, a company listed on the Mainboard from 2013 to 2016.

 

On Aug 14, the group reported net profit for H1 2022 increased by 54.9 per cent to S$11.7 million, from S$7.6 million in H1 2021.

 

This followed an attributable net profit of S$14.8 million for 2021 which represented a 381 per cent increase from 2020.

 

For the coal trading business, the group noted that its H1 2022 revenue from the business was similar to that in H1 2021, at S$53.4 million and S$53.3 million respectively.

 

Despite a decrease in sales volume, from 926,000 million tonnes in H1 2021 to 525,000 million tonnes in H1 2022, the comparable coal trading revenues were maintained due to the increase in the average selling price from S$57.70 per million tonne in H1 2021 to S$101.50 per million tonne in H1 2022.

 

The group noted that the Russian-Ukraine conflict has resulted in competitive Russian thermal coal being offered to the region, easing much of the regional supply tightness.

 

Its coal shipping services, on the other hand, have seen healthy demands from the movement of commodities within the Indonesian archipelago.

INDONESIAN magnate Anthoni Salim on Tuesday (Sep 6) raised his deemed interest in mainboard-listed Gallant Venture : 5IG -0.78% to 73.1 per cent, after an entity linked to him purchased 397 million shares in the company.

 

The disclosure came after Gallant Venture soared 9.3 per cent in Tuesday&rsquo s early trade, on the back of 2 married deals &ndash where shares were purchased at volumes of 157,000 and 240,000.

 

In a filing after trading hours, it was revealed that an entity called River Point Ventures had purchased 397 million shares of Gallant for S$50.02 million via off-market transactions. This translates to an average purchase price of S$0.126 per share.

 

River Point is controlled by another entity called Smart Head Assets. In turn, Salim has an interest of over 50 per cent in Smart Head. Through River Point&rsquo s purchase, Salim&rsquo s deemed interest in Gallant rose from 65.8 per cent to 73.1 per cent. 

 

SHARES of Gallant Venture spiked on Tuesday (Sep 6) morning after 2 married deals were recorded in early trade. 

 

According to ShareInvestor data, both deals took place at 9.19 am at S$0.126 apiece at volumes of 157,000 and 240,000, respectively. 

 

The counter was trading 9.3 per cent or S$0.012 higher at S$0.141 as at 9.23 am after some 398.2 million securities were traded. 

 

It later eased to S$0.135, up S$0.006 or 4.7 per cent as at 10.17 am - remaining the top traded counter of the morning as 399.3 million shares worth S$50.3 million changed hands.  

 

This surpassed both the volume and value of shares traded in index counters such as Sembcorp Industries and DBS, which saw just 11.8 million shares and 405,000 shares transacted at the time worth S$41 million and S$13.3 million, respectively. 

 

Gallant Venture&rsquo s trading volumes on Tuesday morning significantly exceed its average 3-month volume of 73,6100 and 10-day volume of 44,420, according to share statistics from Yahoo Finance. 

 

The investment holding company engages in the commercial development and management of industrial parks and resorts. 

 

Its last bourse filing on Aug 29 was a response to SGX queries regarding the company&rsquo s interim financial statements for the first half of its fiscal year ended Jun 30, which were posted on Aug 8. 

GALLANT Venture, a developer, master planner and manager for industrial parks and resorts in Batam and Bintan, remained in the red in the first half of the 2022 financial year ended Jun 30, recording a net loss of S$16.8 million, according to a Monday (Aug 8) bourse filing.

 

This narrowed from the year ago period, where the company saw a net loss of S$25.3 million, but follows its announcement in April that it has recorded three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

 

The results translate to loss per share of 0.308 Singapore cents, against loss per share of 0.465 Singapore cents in the previous year.

 

Revenue was up 4.4 per cent to S$75.8 million, compared with S$72.6 million in June 2021, but costs of sales and most expenses also rose. Losses continued to be led by Gallant Venture&rsquo s resort operations and property development segments.

 

As at Jun 30, 2022, the company&rsquo s current liabilities exceeded its current assets by S$529.2 million, up from S$499.7 million as at Dec 31, 2021, due to its loans from and amounts owing to its subsidiaries. Excluding the loans and amount owing to its subsidiaries, its net current liabilities was S$19.2 million as at Jun 30 this year.

The board has not recommended any dividends for H1 2022 as the company is committing its cash resources to further develop and expand its industrial parks businesses.

Gallant Venture and Pacific Radiance have given notice that they recorded three consecutive years of pre-tax losses based on their audited full-year consolidated accounts.

 

In a bourse filing on Wednesday (April 13), Gallant Venture said its six-month average daily market capitalisation is $701 million as at April 12, 2022. This means the company still meets the financial entry criteria to avoid being placed on the Singapore Exchange' s (SGX) watch list.

 

Companies are placed on the SGX watch list if they record losses for the three latest financial years and have an average daily market capitalisation of under $40 million over the last six months.

 

Gallant Venture, a developer, master planner and manager for industrial parks and resorts in Batam and Bintan, on Feb 25 posted a net loss of $32.3 million for the six months ended Dec 31, 2021, narrowing from a loss of $34.3 million in the year-ago period.

 

For the full year, Gallant Venture' s net loss narrowed to $57.5 million, from the $687 million recorded in FY2020. Revenue, on a continuing operations basis, stood at $145.1 million for the full-year period, up 5 per cent from the $138.2 million recorded the previous year.

 

Shares of mainboard-listed Gallant Venture closed 0.1 cent or 0.8 per cent higher at 12.9 cents on Tuesday.

 

Another mainboard-listed company, Pacific Radiance, for the six months to its suspension in February 2018, had an average daily market capitalisation of $74.3 million, as at Feb 22, 2018.

 

The offshore marine services provider had voluntarily suspended the trading of its shares on Feb 28, 2018, and said it would continue to pursue completing its debt restructuring after noteholders voted down a plan.

 

On Feb 24, 2022, Pacific Radiance posted a fourth-quarter 2021 net loss of US$3.5 million (S$4.8 million) on a continuing operations basis, narrowing from a loss of US$5.2 million in Q4 2020. Revenue from continuing operations was US$2.1 million, 22.2 per cent lower than the US$2.7 million recorded in the year before.