Plan to take China Minzhong private comes with pre-conditions

Singapore

THE plan by Marvellous Glory Holdings, a special vehicle led by Anthoni Salim, to take mainboard-listed vegetable processor China Minzhong Food Corporation (CMZ) private at S$1.20 a share comes with two pre-conditions.

The first is that Indonesia-listed Indofood Sukses Makmur (ISM), the single largest shareholder of CMZ, must pass at a general meeting attended by ISM's independent shareholders the acceptance of the offer relating to its irrevocable undertaking. That is, all resolutions must be satisfied for the approval of ISM's disposal of all of its 543.24 million shares, representing about 82.88 per cent of the total number of issued shares in CMZ.