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Agrifood giant Japfa to delist from SGX in pursuit of ‘flexibility’
Japfa Comfeed Indonesia's parent company has disclosed a privatization plan that involves the Santosa family acquiring 100 percent shares and delisting from the SGX, with Japfa Ltd. making reassurances that this would not affect its Indonesian subsidiary's management or operation.
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A worker feeds laying hens on July 5, 2023, at a poultry farm in Manonjaya, Tasikmalaya regency, West Java. (Antara/Adeng Bustomi)
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apfa Ltd., the Singapore-based parent company of local poultry firm PT Japfa Comfeed Indonesia, has unveiled a privatization plan that would see the minority interest acquired by the Santosa family, which currently owns 81.67 percent of the firm’s stake.
After the acquisition is complete and the Santosa family has 100 percent ownership, the company is to delist from the Singapore Stock Exchange (SGX).
According to a disclosure filed with the SGX, Japfa explained that delisting from the bourse would allow it to reduce expenses associated with compliance requirements to maintain its listed status and to redirect resources toward strengthening business operations.
At the same time, operating as a private entity would afford the Santosa family and Japfa management greater flexibility to manage and grow the business.
“This will allow the company to pursue longer-term business strategies that may otherwise contrast or conflict with the shorter-term expectations of the public market,” the company said in a statement on Friday.
Read also: Govt vows to keep food prices stable during Ramadan
Japfa bills itself as a pan-Asian, industrial agrifood company and runs its primary operations through subsidiary Japfa Comfeed Indonesia, while operating other businesses in Bangladesh, India, Myanmar and Vietnam. Its business portfolio includes producing animal feed, commercial breeding and farming of poultry, cattle and fish, as well as manufacturing consumer branded products.
