The Board of Directors of Gallant Venture Ltd. announce that the Company had on 25 October 2021, entered into a joint venture agreement ("the Joint Venture Agreement") with Pacificlight Power Pte Ltd. The consortium plans to develop, manage, finance, build, engineer, procure, construct, commission, operate and maintain a Solar PV plant at Pulau Bulan, Indonesia and connect to the Singapore Power Grid network at Pacificlight's existing site at Jurong Island to supply renewable energy to Singapore. The Joint Venture has been granted a 100MW conditional Import Licence by the Energy Market Authority ("EMA") of the Republic of Singapore. The Joint Venture is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31 December 2021. The Company will make further announcements to update its shareholders on any material developments of the Joint Venture as may be necessary or appropriate.