Japfa to delist from SGX on Jun 6

[SINGAPORE] The agri-food company Japfa will be delisted from the official list of the Singapore Exchange (SGX) with effect from Friday, Jun 6, 2025, 9 am.

This is earlier than the previous expected delisting date of Jun 10.

On Tuesday (Jun 3), the group announced that its board had received confirmation that payment of the adjusted scheme consideration was made to each entitled scheme shareholder that day.

Shareholders received a scheme consideration of S$0.61 per share in cash, adjusted from an initial scheme consideration of S$0.62 per share in cash. The adjustment was made as the final dividend for FY2024 of S$0.01 was deducted from the initial scheme consideration as the scheme consideration settlement date fell after the book closure date on May 27 at 5 pm.

This comes as shareholders approved the scheme resolution proposed by family members of the group’s founder to take the business private.

During the April scheme meeting, 151 shareholders or about 75.1 per cent of 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.

In January, the group received a joint privatisation offer from 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 Japfa’s founder, the late Ferry Teguh Santosa.

On reasons for the privatisation, Japfa said that the move would provide the offerors and the company’s management with greater flexibility to manage and grow the existing business.

The agri-food company added that the move would allow it to “pursue longer-term business strategies which may otherwise contrast or conflict with the shorter-term expectations of the public market” as well as allow it to save on expenses for maintaining its listing to focus resources on business operations.

The counter was suspended from May 19, after its shares closed unchanged at S$0.615 on its last day of trading on May 16.