Koufu privatisation offer closes with 98.19% valid acceptances; trading suspended

SHARES in food court operator Koufu VL6 : VL6 0%were suspended on Thursday (Feb 24) from 9 am upon losing its free float.

This comes after its founders' voluntary conditional cash offer for the mainboard-listed company closed on Feb 23, with the offeror receiving valid acceptances representing 98.19 per cent of Koufu's total issued shares.

About 428 million offer shares representing about a 77.41 per cent stake in the company were tendered by Jun Yuan Holdings as part of an irrevocable undertaking. Another 2.8 million offer shares representing a 0.51 per cent interest in the company were tendered by parties acting in concert with the offeror.

The company's independent non-executive directors Hoon Tai Meng and Tan Huay Lim as well as lead independent director Yu Lai Boon had also disposed of 100,000 ordinary shares - representing a direct or deemed interest in the company of 0.018 per cent per individual - after accepting the takeover offer.

Koufu's founders in December 2021 made the S$0.77 per share cash offer to take the company private.

They intend to exercise their right to compulsorily acquire all shares held by dissenting shareholders on or after Mar 19, before proceeding to delist the company.

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