Gallant Venture Ltd. announced that it and its wholly owned subsidiary PT Bintan Resort Cakrawala (PT BIC) have entered into a non-binding term sheet with Broadwood Road Limited for a potential subscription of convertible bonds.

The proposed issue is valued at up to about 930.7 million Singapore dollars and is intended to finance the construction of a 3 × 350 MW coal-fired power plant on Pulau Setokok, Bulang, Batam, Indonesia.

The bonds are expected to carry a 9 % annual coupon and mature 2,880 days (approximately eight years) from issuance, unless converted earlier into new PT BIC shares. A book-building exercise will be conducted to secure investors, and final terms may change.

Completion is subject to definitive documentation, satisfactory due-diligence results and regulatory approvals, with a long-stop date of Mar, 31 2026. Apart from transaction-cost provisions, the term sheet is non-binding.

Gallant Venture said it will provide further updates as the transaction progresses and advised shareholders to exercise caution when dealing in its shares.