Salim to take over QAF

Salim to take over QAF

SINGAPORE (Reuter): Indonesia's Salim group said yesterday it
has made a conditional takeover offer for bread company, QAF Ltd,
after the exercise of call options for QAF shares and the
purchase of more shares.

The Salim group, through its wholly-owned subsidiary, Qualif
Pte Ltd, a subsidiary of its Singapore investment arm KMP Pte
Ltd, is offering S$2 per share and $1.10 per warrant for the
shares and warrants it does not already own.

The mandatory takeover offer was triggered after Qualif's
exercise of its call option agreement to buy 25 million QAF
shares at Singapore $1.93 each and 2.5 million warrants at
Singapore $1.02 each on Tuesday, a company announcement said
yesterday.

With the exercise of the share options and warrants, the Salim
group now owns 104.97 million shares and 11.46 million warrants
representing a 33.2 percent stake in QAF.

Under Singapore's rules on takeovers and mergers, a takeover
offer has to be made if 25 percent ownership of a company has
been reached.

Qualif said the takeover offer is conditional on the company
receiving acceptances which will result in it carrying over 50
percent of the voting rights in QAF.

QAF shares were suspended on Tuesday at the company's request.
Yesterday they were trading up S$0.05 at S$1.96.

KMP is wholly-owned by certain members of the Salim family,
Liem Sioe Liong, Anthony Salim, Andree Halim and Mira Salim, the
statement from Qualif said.