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The board of directors (the " Board" ) of QAF Limited (&ldquo QAF&rdquo or the " Company" , and together with its subsidiaries, &ldquo QAF Group&rdquo or the " Group" ) wishes to announce that the Group has on 8 June 2021 entered into a sale and purchase agreement (&ldquo SPA&rdquo ) to dispose of its Primary Production business in Australia (the " Proposed Disposal" ), pursuant to a competitive sale process. The Primary Production business is classified as a disposal group held for sale in the financial statements of QAF Group for FY2020 and no longer falls within the description of an existing core business. The Group&rsquo s wholly-owned subsidiaries, Hamsdale International Pte Ltd and Oxdale Investments Pte Ltd (the " Vendors" ), have agreed to sell the entire issued share capital of Rivalea Holdings Pty Ltd (" Rivalea Holdings" ) and Oxdale Dairy Enterprise Pty Ltd (" Oxdale" ) (collectively, the " Sale Shares" ) to Industry Park Pty Ltd (the " Purchaser" ), subject to the terms and conditions of the SPA. The indicative aggregate purchase price for the Sale Shares is to be satisfied entirely in cash and, as at the date hereof, is estimated at approximately A$107.9 million (equivalent to approximately S$110.3 million) (the " Indicative Purchase Price" )1 . Shareholder loans extended by the QAF Group to the Primary Production business (amounting to approximately A$40.0 million (equivalent to approximately S$40.9 million)) will be fully repaid on completion of the sale. Together with the Indicative Purchase Price, QAF Group will, subject to and on completion, receive estimated total cash of A$148.1 million (equivalent to approximately S$151.3 million). Please see Section 4.2 below for further information. Rivalea Holdings owns two subsidiaries incorporated in Australia, namely, Rivalea (Australia) Pty Ltd (held as to 100%) and Diamond Valley Pork Pty Ltd (held as to 80%) (together with Rivalea Holdings and Oxdale, the " Target Group" and each, a " Target Group Company" ).
QAF total dividend for this year is 7c....which is 7% yield for 2021......wow not bad at all . Looking forward to their new plant in Phillipine .
Joelton ( Date: 09-Jun-2021 09:40) Posted:
QAF to pay out 2 S-cent special dividend with sale of Australian pork business
BREAD specialist QAF is set to reward shareholders with a special dividend of two Singapore cents per share, upon completing the planned sale of its Australian pork business, which will result in estimated proceeds of A$148.1 million (S$151.8 million).
QAF has agreed to sell the entire issued share capital of its Australian businesses Rivalea Holdings and Oxdale Dairy Enterprise to Industry Park, which is part of Brazilian animal protein giant JBS.
In a Tuesday bourse filing after the market close, QAF disclosed that the indicative purchase price, to be satisfied entirely in cash, is estimated at A$107.9 million. Shareholder loans extended by QAF to the meat business, amounting to about A$40 million, will be fully repaid on completion of the sale.
The gain on disposal for QAF is estimated at about S$10.8 million. The company proposes to set aside a total of S$11.5 million for the special dividend, and will announce the record date subject to the sale completion.
Collectively, the entities to be sold are involved in integrated pork production in Australia with feedmills, pig genetics, pig breeding and grower farms and pork processing plants. This also involves the sale of pork products in both branded and unbranded formats, in supermarkets and to wholesalers.
The bulk of the business is in Australia, with a small portion of the pork products exported to Japan, Singapore and Hong Kong. The entities also sell branded feed to dairy, beef, sheep, pig and poultry producers.
The entities to be sold collectively recorded a net profit after tax S$15 million for FY2020 ended December.
The sale of the Australian meat business is primarily so that QAF can focus on its bakery and distribution and warehousing segments in the core markets of Singapore, Malaysia and the Philippines.
" The strategic sale of the primary production business is being pursued as such business is in the animal protein segment, which is very different from the bakery and distribution and warehousing businesses and operates in a different geographical region," QAF said in its filing.
The net proceeds from the sale will allow QAF to double down on investments in its core segments, the company said. It is now in the process of adding a new line at the Gardenia Malaysia plant in Bukit Kemuning. Plans to expand production facilities at North Luzon in the Philippines are also being reviewed.
In addition, another bread line at the Johor plant to supply both Malaysia and Singapore markets, and an upgrade to the bread production lines in Singapore are currently being studied.
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QAF to pay out 2 S-cent special dividend with sale of Australian pork business
BREAD specialist QAF is set to reward shareholders with a special dividend of two Singapore cents per share, upon completing the planned sale of its Australian pork business, which will result in estimated proceeds of A$148.1 million (S$151.8 million).
QAF has agreed to sell the entire issued share capital of its Australian businesses Rivalea Holdings and Oxdale Dairy Enterprise to Industry Park, which is part of Brazilian animal protein giant JBS.
In a Tuesday bourse filing after the market close, QAF disclosed that the indicative purchase price, to be satisfied entirely in cash, is estimated at A$107.9 million. Shareholder loans extended by QAF to the meat business, amounting to about A$40 million, will be fully repaid on completion of the sale.
The gain on disposal for QAF is estimated at about S$10.8 million. The company proposes to set aside a total of S$11.5 million for the special dividend, and will announce the record date subject to the sale completion.
Collectively, the entities to be sold are involved in integrated pork production in Australia with feedmills, pig genetics, pig breeding and grower farms and pork processing plants. This also involves the sale of pork products in both branded and unbranded formats, in supermarkets and to wholesalers.
The bulk of the business is in Australia, with a small portion of the pork products exported to Japan, Singapore and Hong Kong. The entities also sell branded feed to dairy, beef, sheep, pig and poultry producers.
The entities to be sold collectively recorded a net profit after tax S$15 million for FY2020 ended December.
The sale of the Australian meat business is primarily so that QAF can focus on its bakery and distribution and warehousing segments in the core markets of Singapore, Malaysia and the Philippines.
" The strategic sale of the primary production business is being pursued as such business is in the animal protein segment, which is very different from the bakery and distribution and warehousing businesses and operates in a different geographical region," QAF said in its filing.
The net proceeds from the sale will allow QAF to double down on investments in its core segments, the company said. It is now in the process of adding a new line at the Gardenia Malaysia plant in Bukit Kemuning. Plans to expand production facilities at North Luzon in the Philippines are also being reviewed.
In addition, another bread line at the Johor plant to supply both Malaysia and Singapore markets, and an upgrade to the bread production lines in Singapore are currently being studied.
BREAD specialist QAF is set to reward shareholders with a special dividend of two Singapore cents per share, upon completing the planned sale of its Australian pork business, which will result in estimated proceeds of A$148.1 million (S$151.8 million).
QAF has agreed to sell the entire issued share capital of its Australian businesses Rivalea Holdings and Oxdale Dairy Enterprise to Industry Park, which is part of Brazilian animal protein giant JBS.
In a Tuesday bourse filing after the market close, QAF disclosed that the indicative purchase price, to be satisfied entirely in cash, is estimated at A$107.9 million. Shareholder loans extended by QAF to the meat business, amounting to about A$40 million, will be fully repaid on completion of the sale.
The gain on disposal for QAF is estimated at about S$10.8 million. The company proposes to set aside a total of S$11.5 million for the special dividend, and will announce the record date subject to the sale completion.
Collectively, the entities to be sold are involved in integrated pork production in Australia with feedmills, pig genetics, pig breeding and grower farms and pork processing plants. This also involves the sale of pork products in both branded and unbranded formats, in supermarkets and to wholesalers.
The bulk of the business is in Australia, with a small portion of the pork products exported to Japan, Singapore and Hong Kong. The entities also sell branded feed to dairy, beef, sheep, pig and poultry producers.
The entities to be sold collectively recorded a net profit after tax S$15 million for FY2020 ended December.
The sale of the Australian meat business is primarily so that QAF can focus on its bakery and distribution and warehousing segments in the core markets of Singapore, Malaysia and the Philippines.
" The strategic sale of the primary production business is being pursued as such business is in the animal protein segment, which is very different from the bakery and distribution and warehousing businesses and operates in a different geographical region," QAF said in its filing.
The net proceeds from the sale will allow QAF to double down on investments in its core segments, the company said. It is now in the process of adding a new line at the Gardenia Malaysia plant in Bukit Kemuning. Plans to expand production facilities at North Luzon in the Philippines are also being reviewed.
In addition, another bread line at the Johor plant to supply both Malaysia and Singapore markets, and an upgrade to the bread production lines in Singapore are currently being studied.
Shares of QAF closed flat at S$0.955 on Tuesday.
When a share price dropped to value zone, it attracts ... enjoy
What?s the good news
Following negotiations, the Company and GBKL have agreed to
renew the existing 5-year Licensing Agreement relating to, inter alia, the grant by the Company to GBKL of the right to use &ldquo Gardenia&rdquo trademarks in West Malaysia on bread and other bakery products manufactured by GBKL, which was due to expire on 31 March 2021,
for a 7-year period from 1 April 2021 to 31 March 2028.
The licensing fee for the renewed term will
remain unchanged at 1.5% of the gross sales of each approved bakery, and the
existing cap of maximum gross sales of RM800 million for each financial year shall cease to apply.
The gross sales of the approved bakeries for FY2019 amounted to approximately RM1.03 billion. Based on the existing licensing fee applicable which includes the Gross Sales Cap, the licensing fee for FY2019 was RM12 million (approximately S$4 million). Assuming the Renewed Licence Fee had been applicable at the beginning of FY2019, the licensing fee for FY2019 would have amounted to RM15.5 million (approximately S$5.1 million). With the removal of the Gross Sales Cap, the contribution from GBKL would be lowered, arising from the higher licensing fees required to be paid by GBKL to the Company. The net financial effects on EPS and NTA for the current financial year are not expected to be material. Nothing herein is indicative of the actual financial effects of the revised arrangement on the Group or of the future actual financial performance of the Group.
In line with the above extension of the Licensing Agreement, the shareholders&rsquo agreement between the QAF Group and its joint venture partner has been varied to provide for an
extension of the date by which the parties are to work towards a listing for GBKL, namely, by March 2028, instead of the original date in April 2026. In this connection, the revised shareholders&rsquo agreement provides, inter alia, that if such listing cannot be achieved by March 2028 by reason of any shareholder not providing the requisite co-operation, the non-defaulting shareholder may purchase the other shareholder&rsquo s shares in GBKL at the fair value of such shares. In the event such sale and purchase is not completed under certain circumstance(s), GBKL shall be wound-up.
By Order of the Board
Serene Yeo
Company Secretary
21 July 2020
Apricot ( Date: 07-Jun-2021 12:10) Posted:
Looks like QAF has done well here, no cap on royalties, extension 2 more years before listing i.e. 7 years and options to buy each other out in case of........
I wonder why would bernas give such a consession?
Apricot ( Date: 10-May-2021 20:50) Posted:
| Any news on the renewal of the royalty agreement in Malaysia? This pure free cash flow without liftign a finger. |
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Looks like QAF has done well here, no cap on royalties, extension 2 more years before listing i.e. 7 years and options to buy each other out in case of........
I wonder why would bernas give such a consession?
Apricot ( Date: 10-May-2021 20:50) Posted:
| Any news on the renewal of the royalty agreement in Malaysia? This pure free cash flow without liftign a finger. |
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During the financial crisis the shares was trading at 16 cents or 60 cents? yet not privatised. I wont bet on privatization nay time sooner.
Starcker ( Date: 05-Jun-2021 00:36) Posted:
How much will they offer to take it private? Any number to see if worth to accept if they made an offer?
Cherryredbibi ( Date: 27-Apr-2021 07:30) Posted:
| This counter I hold for quite long .. cos I think quite high chance to privatise |
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How much will they offer to take it private? Any number to see if worth to accept if they made an offer?
Cherryredbibi ( Date: 27-Apr-2021 07:30) Posted:
| This counter I hold for quite long .. cos I think quite high chance to privatise |
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Any news on the renewal of the royalty agreement in Malaysia? This pure free cash flow without liftign a finger.
This is not in SG
Starship ( Date: 27-Apr-2021 11:58) Posted:
bergkamp07 ( Date: 27-Apr-2021 06:56) Posted:
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Lol Gardenia should employ u in marketing.
Starship ( Date: 27-Apr-2021 11:52) Posted:
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bergkamp07 ( Date: 27-Apr-2021 06:56) Posted:
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Lol just keep eating Gardenia and stay away from Sunshine.
They are also paying out good dividend annually.
MBULLISH ( Date: 27-Apr-2021 07:36) Posted:
QAF to privatise
I agree with you.
It' s a matter of time
A good company
I bought donkey years ago and just keep it in portfolio
Cherryredbibi ( Date: 27-Apr-2021 07:30) Posted:
| This counter I hold for quite long .. cos I think quite high chance to privatise |
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QAF to privatise
I agree with you.
It' s a matter of time
A good company
I bought donkey years ago and just keep it in portfolio
Cherryredbibi ( Date: 27-Apr-2021 07:30) Posted:
| This counter I hold for quite long .. cos I think quite high chance to privatise |
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This counter I hold for quite long .. cos I think quite high chance to privatise
Keep moving my bread
