Investors may know that QAF Limited (SGX: Q01) is the maker of Gardenia bread – a household brand familiar with many Singaporean households. But some may not realise that QAF is also one of Australia’s largest producers of pork. QAF’s primary production business in Australia accounts for approximately 17% of the country’s pork production. In 2016, it generated a revenue of S$395.4 million, contributing 44.5% of QAF’s total revenue. Recently, QAF announced plans to list up to 49% of its primary production business on the Australian Securities Exchange (ASX) for approximately S$88.8 million. I attended the QAF EGM last week to understand the management’s rationale for the proposed listing and its potential impact on shareholders. 1. QAF’s earnings per share will drop from 21.4 cents to 16.6 cents illustratively if the proposed listing goes through. A shareholder was concerned about the lost income and asked ......