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Salim Group’s Gallant Venture sets up 10 new subsidiaries

JAKARTA (RambuEnergy.com) – Singapore-based Gallant Venture, an investment holding company of Salim Group that sources the majority of its revenue from Indonesian automotive and property sectors, has announced the establishment of ten new subsidiaries that engages in hotel investments.

Board of Directors of Gallant Venture Ltd announced that the company and its wholly-owned subsidiary, PT Buana Megawisatama, have incorporated the following wholly-owned subsidiaries:

– PT Gallant Lagoi Abadi Indonesia (Hotel Investment)
– PT Gallant Lagoi Berjaya Indonesia (Hotel Investment)
– PT Gallant Lagoi Cemerlang Indonesia (Hotel Investment)
– PT Gallant Lagoi Damai Indonesia (Hotel Investment)
– PT Gallant Lagoi Elok Indonesia (Hotel Investment)
– PT Gallant Lagoi Fenomena Indonesia (Hotel Investment)
– PT Gallant Lagoi Gemilang Indonesia (Hotel Investment)
– PT Gallant Lagoi Harmoni Indonesia (Hotel Investment)
– PT Gallant Lagoi Inti Indonesia (Hotel Investment)
– PT Gallant Lagoi Jaya Indonesia (Hotel Investment)

The investment in the subsidiaries is funded by internal resources and the incorporation of the subsidiaries is not expected to have any material impact on the Company’s consolidated net tangible assets and earning per share for the current financial year ending 31 December 2017.

It noted that none of the directors or the controlling shareholders of the company has any interest, direct or indirect in the corporation of the subsidiaries.

In Indonesia, Gallant Venture owns majority stakes in PT Indomobil Sukses Makmur Tbk, a leading automotive company in Indonesia. (*)

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