Japfa said on Tuesday that it restructured its dairy segment by transferring all of the shares in wholly owned dairy subsidiary AIH2 to Austasia Investment Holdings, or AIH, for US$130.47 million.
The consideration, which was derived based on Japfa’s cost of investment in AIH2, was paid via the issuance of 88.86 million new shares in AIH at an issue price of US$1.4682 each, it said.
“This restructuring exercise will streamline the corporate structure of the company’s dairy segment,” it said.
In late April 2018, Japfa acquired the remaining shareholder interests in AIH and AIH2 from Black River Funds and now owns 100 percent of both dairy subsidiaries, the filing to SGX on Tuesday said.
“Accordingly, there is no longer a requirement to segregate the holding of the dairy subsidiaries under two separate Singapore holding companies,” Japfa said.