Gallant Venture has proposed to acquire 66.25% of the shares in Singapore-Bintan Resort Holdings held by Keppel Land Limited, Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank (UOB), DBS Bank, UOL Equity Investments and Tropical Resorts Limited for a total consideration of $4.9 million.

The purchase consideration is about 66.25% of $7.5 million, which is the value of Singapore-Bintan Resort Holdings, according to Gallant Holdings.

The valuation of the resort took into account its net tangible liabilities, $20 million shareholders’ loans, the related accrued interest and waiver of default interest, as well as the consolidation of the resort’s share of the net tangible asset (NTA) value of PT Bintan Resort Cakrawala.

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