The Board of Alteo Limited (MUSE:ALTG.N0000) announced spin off of Miwa Sugar Ltd. on October 29, 2021. Under the terms of the transaction, 318,492,120 ordinary shares held by Alteo in Miwa Sugar will be distributed in the proportion of one-to-one of the shares held by each of the shareholders of Alteo. In a separate event, a dividend to be declared by Alteo and payable to the shareholders of Alteo either in cash or in kind. Whereby the shareholders of Alteo shall be given the option to receive, in lieu of cash, an equal number of Class A shares of Miwa Sugar as the number of ordinary shares held by the shareholders in Alteo.

The Scheme will be submitted for the approval of the shareholders of Alteo at a forthcoming special meeting of shareholders of Alteo to be scheduled on or around August 25, 2022. On August 25, 2022, the shareholders of Alteo Limited approved the deal. The proposed Scheme and Admission are still subject to the approval of regulators, creditors and sanction by the Supreme Court. Record date will be November 8, 2022. The transaction is expected to close on November 21, 2022. On October 17, 2022, Supreme Court of Mauritius sanctioned the Scheme of Arrangement and the Court Order has been filed with the Registrar of Companies on October 20, 2022. PricewaterhouseCoopers Services Limited acted as financial advisor to Alteo Limited.

Alteo Limited (MUSE:ALTG.N0000) completed the spinoff of Miwa Sugar Ltd. on November 28, 2022.