The Board of Alteo Limited (MUSE:ALTG.N0000) announced spin of off Miwa Sugar Ltd. on October 29, 2021. 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 25 August 2022. 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. PricewaterhouseCoopers Services Limited acted as financial advisor to Alteo Limited.