Japfa shareholders accept privatisation offer from founder’s family
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Japfa shareholders have approved the offer for the company, paving the way for a delisting on or around June 3.
ST PHOTO: BRIAN TEO
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SINGAPORE – Japfa shareholders have approved a bid by the family members of the mainboard-listed meat producer’s late founder to take the business private, paving the way for a delisting on or around June 3.
During the meeting on April 15, about 75.1 per cent of the scheme shareholders present and voting, agreed to the offer, according to a bourse filing.
That constituted around 99.3 per cent of the scheme’s shares, exceeding the approval threshold.
Japfa’s shareholders will receive 62 cents per share in cash on or around May 30, in line with the family members’ offer.
While the offer is still subject to regulatory approvals, the expected last day of trading for the counter will fall on or around May 9.
The firm has requested the Singapore Exchange to lift a trading halt on its shares.
The family members of Japfa’s founder in January had offered to take the firm private, valuing the processor of chicken, pork and beef at US$877 million (S$1.16 billion).
The offer was made in January through a special purpose vehicle owned by Renaldo Santosa, Gabriella Santosa and their cousin Rachel Anastasia Kolonas.
Founded in the 1970s by Mr Ferry Teguh Santosa, Japfa has facilities in Indonesia, Vietnam, India, Myanmar and Bangladesh, operating in the production and processing of poultry, swine, aquaculture and beef, as well as packaged food, according to its website.
The company said the offer would allow shareholders to realise their investments at a premium to prevailing market prices, which might otherwise be unlikely given the shares’ “low trading liquidity”.
The privatisation would also allow Japfa to save on expenses for maintaining its listing, and to focus its resources on its business operations. BLOOMBERG
