GALLANT VENTURE LTD.

(Company Registration Number: 200303179Z)

371 Beach Road

#13-08 KeyPoint
Singapore 199597
Tel: +65 6389 3535
Fax: +65 6396 7758
www.gallantventure.com

Subsidiaries

PT Batamindo Investment Cakrawala

Wisma Batamindo
Jl. Rasamala 1
Mukakuning
Batam 29433
Indonesia
Tel: (62-770) 611 222
Fax: (62-770) 611 432
Website: www.sembpark.com.sg

PT Bintan Inti Industrial Estate

Bintan Industrial Estate
Lobam
Bintan 29154
Indonesia
Tel: (62-770) 696 833
Fax: (62-770) 696 832
Website: www.sembpark.com.sg

PT Batamindo Executive Village

Jalan Gajah Mada 9 km 5kp.
Sei Ladi
Sekupang Batam, Indonesia
Tel: (62-778) 324 128/168
Fax: (62-778) 323 288
Website: www.southlinksgolf.com

PT Bintan Resort Cakrawala

Lj. Raja Haji Teluk Sebong

Lagoi, Bintan Utara
Indonesia
Tel: (62-770) 691 915/16/17
Fax: (62-770) 691 920
Website: www.bintan-resorts.com

Bintan Resort Ferries Private Limited

371 Beach Road
#25-01 KeyPoint
Singapore 199597
Tel: (65) 6294 6008
Fax: (65) 6294 6208
Website: www.brf.com.sg

BRF Holidays Pte Ltd

371 Beach Road

#25-01 KeyPoint
Singapore 199597
Tel: (65) 6293 3191
Fax: (65) 6293 3375
Website: www.brfholidays.com.sg

Verizon Resorts Limited

Lot 2 and 3, Level 3
Wisma Lazenda
Jalan Kemajuan
87000 FT Labuan
Malaysia
Tel: (65) 6389 3535
Fax: (65) 6396 7758

PT Buana Megawisatama

Wisma Indosemen, 11th Floor

Jl. Jend. Sudirman Kav. 70-71
Setiabudi, South Jakarta
Indonesia
Tel: (62-21) 522 3976
Fax: (62-21) 251 0141

PT Surya Bangun Pertiwi

Wisma Indosemen, 11th Floor

Jl. Jend. Sudirman Kav. 70-71
Setiabudi, South Jakarta
Indonesia
Tel: (62-21) 522 3976
Fax: (62-21) 251 0141

Managing Investments
Creating Value

Contents

Gallant Venture Ltd.

23

Our Businesses at a Glance

47

Strong Foundations
Investment Merits
Our Directors
Our Management Team

89

Utilities

1011

Industrial Parks

1213

Resort Operations

1415

Property Development

16

Plans for the Future

Singapore

Bintan Resorts

Batam
Batamindo
Industrial
Park

Bintan
Industrial
Estate

Bintan

GALLANT VENTURE LTD.

An investment holding company

with focus on regional growth opportunities
We are a commercial development and management group in Riau Archipelago and an integrated
master planner for industrial parks and resorts in Batam and Bintan. Since the early 1990s, we have
operated in four key areas; utilities, industrial parks, resort operations and property developments.
In 2004, our operating revenues totalled approximately S$202.0 million while our total assets were
valued at approximately S$1.5 billion. Our principal shareholders include the Salim Group,
the Parallax Group, SembCorp Industries Ltd and the Ascendas Group.

Our businesses take advantage of the strategic proximity of Singapore and the close economic
cooperation between the Singapore and Indonesian governments to promote investment in the
Riau Province. Headquartered in Singapore, our location is one of our key assets given Singapores
reputation for multinational management due to its infrastructure, proven legal system and good
corporate governance environment. Our investment portfolio is a good mix between stable cash flow
in the utility and industrial park businesses, promising growth potential in the resort and property
development businesses in Bintan, and strong balance sheet with low gearing.

Our Businesses at a Glance

Utilities

Industrial Parks

We are a private provider of utilities in Batam and

Bintan, supplying electricity, telecommunications,
water and waste management services to our
industrial parks and Bintan Resorts. We have
invested approximately S$409 million to construct

We own and manage Batamindo Industrial Park in

Batam and Bintan Industrial Estate in Bintan, two
self-contained industrial parks of international
standards. These parks have a total net lettable
area of approximately 630,000 sqm. The

our utilities infrastructure and resources for power

generation and distribution, and potable water
treatment facilities including a reservoir,
wastewater treatment facilities and landfills.

industrial parks owned by us are valued by Colliers

International at approximately S$442 million*.
Our proximity to Singapore providing access
to Singapores infrastructure and logistics,
air and sea port facilities have attracted
multinational investors.

Resort Operations

Property Development

We provide integrated support facilities and

services to the 4 resorts and 7 hotel properties in
Bintan Resorts, an integrated resort development
and international tourist destination, which spans
over 3,000 ha of land.

We own land and act as a master planner for

industrial park and resort development
opportunities. We own a total of about 18,200 ha
of land in northern and western Bintan, which
are valued at approximately S$541 million*.
Our land bank is earmarked for sale and for
resort, industrial, commercial and residential
development. Since 1990, we have sold four
major sites totalling over 1,200 ha to investors
for the development of Nirwana Garden Resort,
Laguna Bintan Resort, Ria Bintan Resort and
Bintan Lagoon Resort.

*As at 1 February, 2006

2-3

Strong Foundations
Our Investment Merits
Recognised for our international standards in industrial park and
resorts master-planning, we have established:

A Balanced Asset Portfolio

Our current investment portfolio provides a
balanced mix of stable cash flow in the utility and
industrial park businesses, promising profit and
growth capabilities in the resort and property
development businesses in Bintan, and a strong
balance sheet with low gearing.
Strong Management Team
Our strong management team has the relevant
experience and qualifications to manage the
different functions of our businesses.
A Unique Market Position as an Integrated
Master Planner
As the integrated master planner for industrial
parks and resorts totalling approximately
18,200 ha in size, and as a private provider of
utilities in Batam and Bintan, we place emphasis
on the quality of our developments and the
infrastructure and support services. We have
attracted the presence of internationally known
brands including Club Med and Banyan Tree.

Batam and Bintan as Investment Destinations

We leverage on our strategic location in Batam
and Bintan by providing investors with ready
access to Singapore and Changi International
Airport, access to an abundant workforce at
all levels and labour cost advantage relative to
Singapore. We also market Bintan Resorts to
tourists as a twin resort holiday destination to
Singapore and Bintan, with its scenic beauty with
100km of shoreline.
Good Government Support
We benefit from close economic ties between
Indonesia and Singapore and from various
investment incentives and privileges to develop
Batam and Bintan, such as the Generalised System
of Preferences, Bonded Zone Plus status and
absence of foreign exchange controls in Indonesia.
Strong Financial Position
Our strong balance sheet with low gearing and
a stable cash flow enables us to explore new
business opportunities, strategic partnerships
and investments.

Significant Economies of Scale and Barriers

to Entry
Through our large pool of tenants and investors,
we enjoy significant economies of scale to our
industrial parks business, which in turn allow us
to offer investors a competitive advantage. The
barriers to entry for industrial parks businesses
are high and our ability to provide a wide
range of comprehensive services may not be
easily replicated.
4-5

Our Board of Directors

Mr Lim Hock San
Non-Executive Chairman and
Independent Director
Mr Lim is presently the President and Chief
Executive Officer of United Industrial Corporation
Limited as well as Singapore Land Limited. Mr Lim
has also held the position of Director-General of
the Civil Aviation Authority of Singapore. He is a
fellow of The Chartered Institute of Management
Accountants (UK) and is a recipient of the
Singapore Government Public Administration
Medal (Gold) and Public Service Medal.
Mr Eugene Cho Park
Executive Director and Chief Executive Officer
Responsible for the overall management of
Gallant, Mr Park is a founder of Parallax Capital
Management Group. He has also spent more than
15 years as an investment banker with Credit
Suisse First Boston in London, Chase Manhattan
Asia Ltd in Hong Kong and Banque Paribas
in Singapore.

Ms Low Sin Leng

Non-Executive Director
Ms Low is the Executive Chairman of SembCorp
Parks Holdings Ltd and SembCorp Parks
Management Pte Ltd. She is also the Senior
Executive Director of SembCorp Industries Ltd,
Vice-President Director of PT BIC and PT BIIE and
Chairman of SemHotel Management Pte Ltd. Prior
to joining SembCorp Industries Ltd in 2000 as
Group Chief Operating Officer, she was Executive
Vice President of Singapore Power Ltd and
Managing Director in SP Telecommunications Pte
Ltd between 1998 and 2000.
BG (Ret) Chin Chow Yoon
Non-Executive Director
BG (Ret) Chin is the Vice-President Director of PT
BRC and Chief Executive Officer of Bintan Resort
Development Corporation Pte Ltd. He is also an
Executive Director of Singapore Discovery Centre
Ltd. BG (Ret) Chin has served as Chairman of
BRF and as a director on the boards of Chartered
Firearms Industries Private Limited from 1994 to
1996, Singapore Commuter Private Limited from
1991 to 1993, Vickers Capital Limited from 1984
to 1990. He was also the Chairman of Singapore
Pools (Private) Limited from 2002 to 2004.

Mr Rivaie Rachman
Independent Director
Mr Rachman has been a Consultant for the Riau
Economic Development Board since 1970. He
was also the Vice Governor of Riau Province
from 1994 to 1999, Head of the Riau Investment
Coordination Board from 1988 to 1994, Head
of the Riau Economic Development Board from
1978, President Director of the Development
Bank of Riau from 1965 to 1968 and the Head of
Finance in the Riau Governors Office from
1963 to 1965.
Mr Foo Ko Hing
Independent Director
Mr Foo is currently the Chief Financial Officer and
a director of Biovate Corp Bhd. He has also held
positions as Executive Director and Chairman
of the Exco of CAM International Holdings Ltd.
During his 14 years tenure in HSBC, he has held
positions such as Executive Director in HSBC
Investment Group Private Banking and Trust
Services, Executive Director of the HSBC Jersey
Branch in the Channel Islands, and Head of
Business Development in HSBC.

OUR MANAGEMENT TEAM

Our strong and reliable management team has
the relevant experience and qualifications to
manage the different functions of our businesses.
Mr Choo Kok Kiong
Chief Financial Officer
Mr Elfast Goh Eng Pheng
Corporate Human Resource Manager
Mr Gunawan Adiwibowo
Director of PT Bintan Resort Cakrawala
Mr Albel Singh
General Manager of PT Bintan Resort Cakrawala
Mr Kuharajahsingam s/o Karalasingam
General Manager of Bintan Resort Ferries
Private Limted
Mr Johannes Sulistijawan Surjaatmadja
General Manager (Corporate) of PT Batamindo
Investment Cakrawala
Mr Malcolm Alphonso
General Manager of PT Bintan Inti
Industrial Estate
L/LTC (Ret) Wee Guan Yak
Executive Director and General Manager of
PT Batamindo Executive Village

6-7

OUR BUSINESSES

Utilities

We supply power, water, telecommunications and waste management services to Batamindo Industrial
Park, Bintan Industrial Estate and Bintan Resorts.

Power
We own power generation facilities in both
industrial parks and Bintan Resorts that are
designed with system redundancy to cope with
potential surges in electricity consumption. To
provide our customers 24-hour uninterrupted
power supply, we have:
16 diesel fired generators and 3 dual fuel
fired generators at Batamindo Industrial Park,
4 generators at Bintan Industrial Estate, and
4 generators at Bintan Resorts handling peak
loads of approximately 81MW, 11MW and
8.2MW respectively
Standby generating capacity amounting to 30%
of installed capacity;
Maintain an adequate reserve supply of fuel,
sufficient for 15 to 60 days; and

Water
We provide treated water from third parties
or from our facilities to our industrial parks
and Bintan Resorts. Water is sourced from two
government owned reservoirs at Muka Kuning and
Duriangkang in Batam, as well as our own water
resources at Lake Java for Bintan Industrial Estate
and a reservoir for Bintan Resorts.

24-hour security and regular inspections.

the local authoritys environmental standards.

Waste Management
Our waste management business is comprised
of sewage treatment plants and wastewater
treatment facilities. We have designated sanitary
landfills for the disposal of solid wastes and
dedicated ponds at our industrial parks for the
discharge of treated sewage to ensure that the
treatment of sewage and wastewater adheres to

Telecommunications
To provide our investors and tenants of our
industrial parks and Bintan Resorts with
uninterrupted, quality telecommunication
services, we have:
14,000 lines for broadband, IDD, fax, local and
dedicated lease lines;
a 100m high microwave tower that
supplements local authoritys optical fibre
networks; and
an additional 3,000 lines to PT Bintan
Inti Industrial Estate and PT Bintan Resort
Cakrawala.

8-9

Industrial Parks
Our industrial parks, Batamindo Industrial Park in Batam and Bintan Industrial Estate in Bintan, provide
self-contained environments to tenants (which include multinational corporations) representing a range
of industries and their supporting industries.
Batamindo Industrial Park

Bintan Industrial Estate

Net Lettable Area

530,000m2

104,000m2

Industries Represented

Mostly manufacturing
products such as:

Mostly light industries

such as:

Electronic and
Electrical Products,
Pharmaceuticals,
Plastic Moulds, and
Precision Parts

Electronics Manufacturing
Garment Manufacturing

One International Airport

2 Seaports
5 Ferry Terminals

Own Ferry Terminal

Own Seaports

Accessibility

Our facilities and services include:

A range of ready-built factories for rental
or sale, customisable to investors unique
specifications taking into consideration space
and loading requirements.
Logistics services with ready access to
Singapores air and sea-port facilities such as:
Daily shipping for containerised,
conventional and light to heavy cargoes to
and from Singapore
Transshipment for inbound and outbound
cargo via Singapore;
Warehousing, distribution and relocation
Owned and managed port and ferry terminal
at Bintan

Residential, recreational and medical amenities

for tenants and workers:
Executives in Batam and Bintan are provided
condominiums and bungalows in Bintan
Inti Executive Village and resort style
accommodation in Batamindo Executive
Village, which provide recreational facilities
including membership privileges at the
SouthLinks Country Club for residents of
Batamindo Executive Village
Dormitories for factory workers
Larger quarters for supervisors
Community centre and facilities for workers
Utilities infrastructure
Other support services include residential,
recreational and medical amenities, security
and commercial centres in the industrial parks.

10-11

Resort Operations
Bintan Resorts is an integrated lifestyle resort development and international tourist destination with
100km of shoreline. With its proximity to Singapore, Bintan Resorts has been marketed as a twin resort
holiday destination to complement the city-state of Singapore. Current developed site spans over 3,000
ha of land on the northern coast of Bintan and houses international brands such as Club Med Ria Bintan
and Banyan Tree Bintan.
We provide integrated master planning and support services to the four major integrated resorts:
Bintan Resorts

Resort Properties

Nirwana Gardens

Nirwana Resort Hotel, Mayang Sari Beach Resort, Mana Mana Beach
Club and Cabanas, Indra Maya Villas, and Banyu Biru Villa

Laguna Bintan

Banyan Tree Bintan, Laguna Bintan Golf Club (18 hole golf course
designed by Greg Norman), Angsana Resort Spa

Ria Bintan

Club Med Ria Bintan and Ria Bintan golf course

Bintan Lagoon Resort

Bintan Lagoon Hotel and Villas, and two 18-hole golf courses
designed by Jack Nicklaus and Ian Baker-Finch

Our services include:

Ferry Services and Ferry Terminal Operations:
Ferry services from Singapore to Bintan
Three modern catamaran ferries with a
maximum seating capacity of approximately
860 passengers
Travel Agency:

Accolades
Bintan Resorts boasts numerous awards
including:
2003 PATA Gold Award for Ecotourism/TravelRelated Project
Best Weekend Getaway By I-S Magazine,
Singapore (2001)

Marketing of travel packages

Travel-related services such as incentive tour
and seminar packages, eco-tourism tours,
team building and leadership courses
Property Rental and Workers acommodations:
Market and retail space
Provide staff housing in Bintan Resorts
Other Services and Conservancy
Other services included are fire fighting,
security, vector monitoring, environment
and medical support. We also provide estate
and township maintenance such as road and
drainage and have a 24-hour crisis centre

Best Weekend Getaway By I-S Magazine,

Singapore (1999)
Featured as one of the 50 international island
destinations in Conde Naste Traveler (1997)

12-13

Property Development
Development and Sale of Lands
Our property development and sale activities are focused in Bintan where we own a sizeable inventory of
approximately 18,200 ha of land. Our lands in the north are divided into approximately 66 land parcels
with various levels of infrastructure already in place. The Lagoi Bay area and its vicinity are earmarked
for our next phase of development for hotels and attractions.

Land Location

Designated Use

Approximate
Area (ha)

Approximate Market
Value (S$ million)

North of Bintan

Resort, Commercial, Residential

and Supporting Facilities

14,400

434

West of Bintan

Industrial, Commercial, Residential

and Supporting Facilities

3,800

107

Integrated Master Planning

We undertake integrated master planning through
PT Bintan Resort Cakrawala (which is also the
master planner for Bintan Resorts) and are also
involved in:
the management of development consultants,
such as planners, architects, landscape
architects, environmental specialists
and engineers;
the development of infrastructure and support
facilities;
investment and destination marketing; and
the operation of infrastructure and support
facilities and community development.

14-15

Plans for the Future

Going forward, we intend to explore new business opportunities, strategic partnerships and
investments; and organically grow our four businesses as outlined:
Utilities:
Expand our utilities services beyond our
current customer base
Acquisition of three dual fuel fired generators
and conversion of twelve generators to dual
fuel fired so to allow our Batam power plant to
provide services at more competitive rates by
operating on either fuel or gas, thus reducing
fuel dependency

Industrial Parks:
Increase the capacity of our Bintan Industrial
Estate and create higher value rentable area
Expand Bintan Industrial Estate using our
existing land bank
Diversify our tenant base and mix, and target
niche industries such as pharmaceuticals
and medical supplies, and investors or
tenants whose businesses are similar to or
complementary with our existing tenants
Raise the profile and visibility of our
industrial parks

Resort Operations:
Maintain and strengthen our existing major
markets
Target new emerging tourist markets in
Indonesia, Malaysia and China
Property Development:
Our property investment opportunities include:
approximately 14,400 ha for resort,
commercial and residential development
in the northern parts of Bintan
approximately 3,800 ha for industrial,
commercial and residential development
in the western parts of Bintan
immediate development potential in
Lagoi Beach Village, an area in northern
Bintan, earmarked for development
of resorts, entertainment and
lifestyle destinations

Important Notice
Anyone wishing to acquire placement shares in the capital of Gallant Venture Ltd. will need to make an application in the manner set out in the prospectus dated 28
April 2006 (the Prospectus). The Prospectus is available for collection during oce hours from Asian Corporate Advisors Pte. Ltd. (80 Robinson Road, #10-01A,
Singapore 068898), Genesis Capital Pte. Ltd. (16 Raes Quay, #27-05/06, Hong Leong Building, Singapore 048581) and UOB Kay Hian Private Limited (80
Raes Place, #30-01 UOB Plaza 1, Singapore 048624).