Japfa completes disposal of 80% interest in Greenfields Dairy Singapore

AGRI-FOOD company Japfa completed the disposal of 80 per cent interest in Greenfields Dairy Singapore (GDS) on Tuesday, it said in an exchange filing.

The company had announced in December that it was selling 80 per cent of its South-east Asia-branded dairy business to affiliates of private equity firms TPG and Northstar Group for US$236 million in a strategic partnership.

Japfa previously said it would retain 20 per cent of the shareholding in GDS, the holding company of its Greenfields dairy business. It will continue to support TPG and Northstar in the management of the business.

In the filing on Tuesday, Japfa said it intends to utilise part of the consideration received to pay a special interim dividend of S$0.10 per share. Japfa had in December announced its intention for the special interim dividend, but said that further details on the dividend, if declared, would be announced only after completion.

The company said on Tuesday it will declare the special interim dividend and its book-closure date when it releases its FY2020 full-year financial results around the end of this month.

Japfa shares closed at S$0.91 on Tuesday, up 1.7 per cent or 1.5 Singapore cents, before the announcement.