Japfa unit applies to extend Hong Kong listing application
AGRI-FOOD company Japfa on Friday (Oct 14) said that its China dairy unit AustAsia Investment Holdings, now referred to as AustAsia Group, has filed an application to extend its proposed listing on the Stock Exchange of Hong Kong.
The company did not give a revised timeline for the application or the listing in the bourse filing.
Back in March, Japfa proposed a distribution-in-specie of its entire shareholding in AustAsia, a move that would result in eligible shareholders receiving AustAsia shares in proportion to their respective shareholdings in Japfa.
In the announcement on Friday, Japfa said in a “cautionary statement” that it does not intend for the proposed distribution to be effective until the listing date.
The company also said the proposed listing, as well as the proposed distribution, are dependent on factors such as the requisite approvals from the relevant regulatory authorities and the then-prevailing market conditions.
Japfa added that its board, or the board of AustAsia, could also decide not to proceed with the proposed listing or the proposed distribution should they deem it to be a transaction that is “not in the interests” of either Japfa or AustAsia, even if all requisite regulatory approvals have been obtained.
“Accordingly, there is no assurance that the proposed distribution and proposed listing will materialise in due course or at all,” said Japfa.
The company said it will make the relevant announcements when required, or when material developments arise in respect of the transactions.
Shares of Japfa closed flat on Friday at S$0.51 prior to the announcement.
Copyright SPH Media. All rights reserved.
