Japfa to buy back 183.3 million of shares at 35.5 cents apiece
SINGAPORE - Agri-food companyJapfaon 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 around 183.3 million shares, or about 9 per cent of its shares in issue as at Aug 19.The 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.It 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.Assuming 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.The offer came as Japfa’s shares were trading below its net asset value of 52 cents, said the company.Shareholders of food
