Japfa declines to comment on private deal speculations

It said it “does not consider it appropriate” to comment on the matter.

JAPFA Ltd. has declined to provide any comments regarding the speculated privatization deal in a Bloomberg article dated 8 March.

The agri-food company said it "does not consider it appropriate" to comment on the matters speculated in the article, titled "Top Asia Poultry Firm Japfa Owners Said to Mull Go Private Deal,” which are not actions of the company or the board.

It was reported that discussions have started for a loan of approximately US$150m to facilitate the potential move, with talks involving various banks and a private credit fund.

According to the board, Renaldo Santosa, a key shareholder, has informed them that his family, significant shareholders of Japfa Ltd., are aware of the article and routinely engage in discussions with various financiers, investment banks, and corporate finance professionals regarding transactions in the public debt and equity markets.

“As a matter of practice, the family typically assess all such proposals,” the group said in a statement. “As a result, the family are regularly engaged in exploratory discussions regarding various corporate actions, including ones both similar and different to what is currently being reported on.”

Santosa has assured the board that, if any of the discussions become definitive, the family will comply with all relevant legal obligations and make the required announcements.

The board said that, as of now, no definitive agreements have been reached and there is no certainty or assurance that any transaction will materialize.

Meanwhile, shareholders and potential investors are urged to exercise caution and seek professional advice regarding their investments.

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