Based on the 288.7 million scheme shares held by shareholders as at Oct 8, the consideration is will cost the consortium some $31.8 million. Aspial already owns 440.7 million shares or a 41.75% stake in AF Global, while Wee Meng owns 326.3 million shares, or 30.91% of AF Global.
A consortium comprising Aspial and JK Global Investment is seeking to acquire all of AF Global Limited’s shares at 11 cents apiece via a scheme of arrangement. JK Global Investment is wholly-owned by Koh Wee Meng, founder, executive chairman and CEO of previously-listed Fragrance Group, which was privatised in October 2021.
The consortium is a special purpose vehicle (SPV) incorporated for the purposes of the acquisition. Aspial and JK Global Investment each hold 50% of the shares within the consortium. The board of directors comprises Koh and his younger brother, Koh Wee Seng, CEO of Aspial.
