Japfa to buy back 183.3 million of shares at 35.5 cents apiece

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Japfa to buy back 183.3 million of shares at 35.5 cents apiece

The Straits Times08-20

SINGAPORE - Agri-food company Japfa on Aug 19 proposed undertaking an off-market purchase of its ordinary shares at 35.5 cents apiece under an equal access scheme. The company will buy back up to ...

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This amount will be funded through internal resources or external borrowings, said the company.The offer came as Japfa’s shares were trading below its net asset value of 52 cents, said the company.Shareholders of food","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6509":"食品和饮料股","UD2.SI":"JAPFA LTD.","BK6114":"包装食品与肉类"},"translate_title":"Japfa将以每股35.5美分的价格回购1.833亿股股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UD2.SI":1},"content_text":"SINGAPORE - Agri-food company Japfa on Aug 19 proposed undertaking an off-market purchase of its ordinary shares at 35.5 cents apiece under an equal access scheme.\nThe company will buy back up to around 183.3 million shares, or about 9 per cent of its shares in issue as at Aug 19.\nThe offer price represents a 6 per cent premium over the last dealt price of the share on Aug 19, the latest date on which the shares were traded before the offer was announced.\n\n\n\nIt also represents premiums of 8.6 per cent, 17.5 per cent, 22.4 per cent and 27.7 per cent over the three-month, six-month, nine-month, and 12-month volume-weighted average prices, respectively, up to the last trading date.\n\nAssuming Japfa buys back the maximum number of shares available, the company will commit $65.1 million. This amount will be funded through internal resources or external borrowings, said the company.\nThe proposed offer is not expected to have any adverse material effect on the company’s working capital requirements and gearing levels.\n\n\n\nEach shareholder will be entitled to sell to the company up to 9 per cent of their total number of shares held in their own name, said the group.\n\nAll the shares bought back will be first held as treasury shares, and will subsequently be used and/or cancelled.\nThe offer came as Japfa’s shares were trading below its net asset value of 52 cents, said the company.\n“The equal access offer demonstrates the company’s confidence in its long-term growth potential,” it said.\nJapfa also noted that the offer gives shareholders an opportunity to realise a portion of their investments in the shares at a premium over recent market prices of the shares without incurring transaction costs.\nShares of Japfa closed down 2.9 per cent at 33.5 cents on Aug 19, before the announcement. THE BUSINESS TIMES\n\n\n\n\n\nMore On This Topic\n\n \n\n7-Eleven billionaire heirs would see big payday from shock offer\n\n\n\n \n\nShareholders of food services group RE&S approve privatisation offer","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}