[SINGAPORE] Japfa’s shareholders approved the scheme resolution proposed by family members of the agri-food company’s founder to take the business private. Its delisting is expected to fall on or around Jun 3, subject to regulatory approval.
During the scheme meeting on Tuesday (Apr 15), 151 shareholders, or about 75.1 per cent of the scheme shareholders present and voting, agreed to the privatisation offer. This represented about 99.3 per cent of the scheme shares, higher than the approval benchmark of 75 per cent.
The expected last day of trading for the counter will fall on or around May 9, followed by books closure at 5 pm on May 20.
Subject to the grant of the court order and the satisfaction of all the scheme conditions, the scheme will become effective and binding upon the lodgement of the court order with the Accounting and Corporate Regulatory Authority of Singapore.
Japfa’s shareholders will receive the scheme consideration of S$0.62 per share in cash on or around May 30, based on an indicative timetable in the company’s bourse filing released after market closed on Tuesday.
In January, Japfa announced the joint privatisation offer by Renaldo and Gabriella Santosa, as well as Rachel Anastasia Kolonas, to acquire around 18.3 per cent of the company’s total issued shares for a 100 per cent control of its existing shares.
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The two Santosas are children of the late Handojo Santosa – Japfa’s former executive chairman and son of the company’s founder, the late Ferry Teguh Santosa. Kolonas is the daughter of Japfa’s non-executive director Hendrick Kolonas, who is the uncle of the two Santosa siblings.
The offer price represented a 34.8 per cent premium to the counter’s last “undisturbed” price on Jan 15, and a 12.7 per cent premium to the company’s net asset value per share as at Sep 30, 2024.
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.
Before market closed on Tuesday, Japfa requested a trading halt. Its shares were trading at S$0.62 then. The company asked for the halt to be lifted after the announcement.
