SINGAPORE: The family members of Japfa Ltd’s late founder have offered to take the Singapore meat producer private, valuing the company at S$1.18bil or about US$877mil.
A special-purpose vehicle owned by Renaldo Santosa and Gabriella Santosa and another owned by their cousin Rachel Anastasia Kolonas offered S$0.62 apiece for 18.33% of the company’s shares, according to exchange filings. The offer is at a 17% premium to the last closing price.
Subject to approvals, the offer is an opportunity “to realise their entire investment in the shares at a premium to prevailing market prices,” the statement read.
On delisting, “the company will be able to save on expenses relating to the maintenance of its listed status and focus its resources on its business operations”, it said.
Renaldo, a member of Japfa’s board of directors, had a total interest of 60.81% as of last March. Founded in the 1970s by Ferry Teguh Santosa, Japfa has facilities in Indonesia, Vietnam, India, Myanmar and Bangladesh. — Bloomberg
