SINGAPORE (Apr 11): PT Indofood Sukses Makmur Tbk, the controlling shareholder of Indofood Agri Resources, wants to take the vertically integrated agribusiness group private and delist from the Singapore Exchange.
PT Indofood Sukses Makmur has made a 28 cents per share cash offer to Indofood Agri shareholders to acquire all the shares it does not own. Based on the some 1.4 billion shares issued, the offer values target Indofood Agri at $391 million.
The offer price also represents a premium of 21.5%, 26.3%, 29.0% and 23.1% over the volume-weighted average price (VWAP) per share for the one-month, three-month, six-month and 12-month periods up to and including April 5, being the last market day on which the shares were traded on the Singapore Exchange.
As at the offer date, offeror PT Indofood Sukses Makmur, through subsidiary Indofood Singapore Holdings (ISHPL), holds a 74.34% stake in Indofood Agri.
If PT Indofood Sukses Makmur gets control over at least 90% of the target, Indofood Agri will be delisted and privatised.
Listed on the Jakarta Stock Exchange, PT Indofood Sukses Makmur is the total food solutions company known for its Indomie brand of instant noodles. The group is indirectly controlled by Indonesian tycoon Anthoni Salim through First Pacific Company (FPC) which is listed on the Stock Exchange of Hong Kong.
The offeror says the trading volume of Indofood Agri shares has been low, with only 0.06%, 0.05%, 0.03% and 0.04% of the total number of issued shares traded during the one one-month period, three-month period, six-month period and 12-month period leading up to and including the last trading day.
Assuming the proposed final dividend of $0.0025 per share for FY2018 is approved and that the offer settlement date falls after the FY18 dividend distribution record date, the offeror will pay accepting shareholders $0.2775 for each offer share as the offeror will not receive the FY18 dividend.
