Japfa (SGX:UD2) received in-principle approval to delist from the SGX, according to a Monday filing with the Singapore Exchange.
This comes after the company received a proposed privatization offer via a scheme of arrangement, offering shareholders SG$0.62 in cash per share, representing a 34.8% premium to the last traded price on Jan. 15.
The joint offerors - TAC 1 Pte. Ltd. and TAC 2 Pte. Ltd. - comprise entities owned by Renaldo Santosa, Gabriella Santosa, and Rachel Anastasia Kolonas. The scheme, targeting 18.33% of Japfa's outstanding shares, excludes holdings by controlling shareholders, who own 81.67%.