March 14, 2024

Japfa refuses to comment on article which claims owners considered privatisation

Japfa said it is not "appropriate" to comment on a Bloomberg article dated March 8, which stated that Japfa's owners were mulling taking the Singapore-listed company private.

According to the article, the company has held discussions with several banks and with at least one private credit fund for a loan of US$150 million.

In a March 11 filing, Japfa's board said that its key shareholders, Renaldo Santosa and family are "aware" of the article and that they are approached by several people including financiers and investment banks to consider a "wide variety" of transactions in the public debt and equity markets.

"As a matter of practice, the family typically assess all such proposals. As a result, the family are regularly engaged in exploratory discussions regarding various corporate actions, including ones both similar and different to what is currently being reported on," a statement by Japfa said. "The Board has been informed by Mr Santosa that if at any point in time should any of the discussions become definitive, the family will make all relevant announcements as required under applicable law."

- The Edge Singapore