IPO Gemlife, page-6

.17 x $1.5BN = $250m. so the stake in Gemlife is worth more their stake than their entire market cap of around $229m in AUD(192m in SGD)

Note the stock in singapore has more than doubled as a realisation of this valuation-

Market Summary > Thakral Corporation Ltd1.52 SGD +0.87 (133.85%)year to datepast 5 years6 June, 3:47 pm GMT+8 • Disclaimer

Was less than 60c last year and now is over $1.50 and rising quickly .I expect it to increase further but its SGD listed and not avaialble to buy for arbitrage for ASX investors.

Note the rest of Thakrals businesses are pretty modest in terms of earnings. The bulk i imagine is from Gemlife.

https://finance.yahoo.com/quote/AWI.SI/