Japfa’s shareholders have approved a plan to eliminate the Agricultural Company of the Singapore Stock Exchange in an expected privatization movement.
As reported, in the pipe since March of last year, a resolution was approved at an annual general meeting in the city-stated yesterday (April 15) to take the business in private through a so-called arrangement scheme.
From the votes of the scheme shareholders issued, the threshold of 75% was reached to approve the resolution, according to a document issued by the Japfa Board of Directors and signed by the Executive Director and CEO Tan Yong Nang.
Subject to regulatory approval, Japfa’s shares are expected to stop quoting in the exchange of Singapore around May 9, with a scheduled elimination for around June 3.
Shareholders who subscribed to the scheme will receive S $ 0.62 in cash through a final dividend of S $ 0.01, which was approved in the AGM, and a adjusted scheme consideration of S $ 0.61 for each action of the scheme.
Cash consideration of S $ 0.62 was considered a premium at the average price negotiation for Japfa in the last four years.
Japfa said in the document that the scheme agreement needs the court’s approval at a hearing addressed to May 5.
They were excluded from the disposition scheme due to abstentions other existing shareholders were described, otherwise, described in the document as “joint offers” or “people who act or are presumed to act in concert with the joint bidders in relation to the acquisition and the scheme.”
They were listed as: Rangi Management, Tasburgh Ltd., Morze International, Servicios de Sixowe and Renaldo Santosa.
According to Singapur’s Business times The newspaper, Renaldo and Gabriella Santosa, together with Rachel Anastasia Kolonas, presented a joint privatization offer in January.
The publication said yesterday that the Santosas appointed are children of the late Homojo Santosa, former executive president of Japfa and son of the company’s founder, the late Ferry Teguh Santosa.
Kolonas, meanwhile, is the daughter of Japfa’s non -executive director, Hendrick Kolonas, who is the uncle of the two Santosa brothers, added the newspaper.
“Japfa’s shareholders approve the privatization movement” was originally created and published by Only foodA brand owned by Globaldata.
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