Japfa expected to delist on Jun 10 as court sanctions scheme of arrangement

[SINGAPORE] Agri-food company Japfa is expected to delist from the mainboard of the Singapore Exchange on Jun 10, after the court on Thursday (May 15) sanctioned the scheme of arrangement to take the business private.

Japfa said the last day of trading of its shares will be on May 16; trading in the counter will be suspended from 9 am on May 19.

Japfa’s shareholders will receive the scheme consideration of S$0.62 per share in cash on or around Jun 6, based on an indicative timetable in the company’s bourse filing released after market closed on Thursday.

The books closure date is on May 27 at 5 pm.

Japfa in January announced the joint privatisation offer by Santosa siblings Renaldo and Gabriella – children of the late Handojo Santosa, Japfa’s former executive chairman – and their cousin Rachel Anastasia Kolonas.

Handojo Santosa was the son of the late Ferry Teguh Santosa, who founded Japfa.

Renaldo Santosa is also executive director and head of strategic projects at Japfa, while Gabriella Santosa is head of business development.

Kolonas is the daughter of Hendrick Kolonas, non-executive director at Japfa and the uncle of the two Santosa siblings.

The offer price represents a 34.8 per cent premium to the counter’s last traded price on Jan 15 before the offer was made, and a 12.7 per cent premium to the company’s net asset value per share as at Sep 30, 2024.

Shares of Japfa closed at S$0.615 on May 15, giving it a market capitalisation of S$1.17 billion.