Japfa Ltd. (SGX:UD2) agreed to spin-off Austasia Investment Holdings Pte. Ltd. (AIH) on March 29, 2022. Shareholders of Japfa will receive 200 shares of Austasia for every 1000 shares held in Japfa. The final number of AIH shares to be distributed will be determined based on the number of AIH shares held by Japfa and the number of Japfa Shares in issue as at a date to be determined by the directors of the Company for the purpose of determining the entitlements of Japfa shareholders. Expected record date is December 29, 2022. The proposed distribution will create two leading agri-food businesses with Japfa Animal Protein as a leading integrated animal protein company riding on the strong growth of emerging Asia and AIH as the leading independent milk producer in China. AIH will apply for listing on SEHK. AIH reported revenue of $564.3 million and EBITDA of $159.9 million for the year ended December 31, 2021.

Proposed Distribution is dependent on the requisite approvals from the relevant regulatory authorities, and the then-prevailing market conditions. Shareholders of Japfa approved the Proposed Distribution on November 7, 2022. On November 8, 2022, he High Court of the Republic of Singapore granted the Order of Court approving the proposed Capital Reduction required to effect the Proposed Distribution. On December 14, 2022, the Listing Committee of the SEHK granted its approval in-principle for the Proposed Listing of AIH. Barring any unforeseen circumstances, dealings in AustAsia Group Ltd. (AAG) (formerly known as Austasia Investment Holdings Pte. Ltd.) are expected to commence on December 30, 2022. Entitled Shareholders who wish to receive AAG Shares under the Proposed Distribution must lodge the Election and Sale Election on January 19, 2023.

DBS Bank Ltd. is the Financial Adviser to Japfa in respect of the Proposed Distribution. Computershare Hong Kong Investor Services Limited acted as Hong Kong Share Registrar for AAG. Boardroom Corporate & Advisory Services Pte. Ltd. acted as Share Registrar for Japfa.