QAF to convert listing

QAF to convert listing

SINGAPORE (Reuter): Bread making company QAF Ltd said
yesterday its plan to convert its Singapore dollar listing to
U.S. dollar, in a bid to buy Indonesia's PT Indofood Sukses
Makmur, had been approved by the Stock Exchange of Singapore
(SES).

The SES also approved QAF's 1-for-5 rights issue to partly
finance the acquisition of a 50.1 percent stake in Indofood
estimated to cost around S$2.75 billion (US$1.78 million), QAF
said in a statement.

Both companies are controlled by Indonesia's Salim group. The
conditions imposed by SES will mean that QAF shares will
eventually be quoted in U.S. dollars instead of Singapore
dollars.

QAF shares were up one cent to S$1.06 at noon yesterday.