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.