King & Wood Mallesons (KWM) is proud to have advised Co-operative Bulk Handling Limited (CBH) on the sale of its 50% shareholding in South-East Asian flour miller Interflour Group to Upper Pickering Holdings Ltd, a private investment firm based in Hong Kong, in a transaction that generated net proceeds of A$169 million. In addition, CBH has received the full repayment of a shareholder loan from Interflour of A$46 million (US$30 million).
The transaction is an important step for WA’s grower owned grain co-operative as it looks to reinvest the capital proceeds into the WA grain network as part of its “Path to 2033 Strategy”.
Completion of the cross-border transaction was subject to regulatory approvals in Vietnam and the Philippines, with KWM coordinating with Frasers Law Company (Vietnam), Romulo (Philippines), as well as Skrine (Malaysia) and Atama Law (Indonesia) to navigate local regulatory requirements.
The KWM team was led by Partner Heath Lewis, supported by Solicitors Nic Ipsen and Brodie Coyle, together with specialists from across the KWM network.
Commenting on the deal, Partner Heath Lewis said:
“Interflour has been a feature of CBH’s business for nearly two decades, delivering on the co-operative’s strategic objective to facilitate market options for its growers. The sale of its interest in Interflour marks a significant milestone, and reinforces CBH’s commitment to delivering value to its growers through investing in the critical infrastructure of the WA grain network.
KWM is thrilled to have been involved in another strategic initiative with its long term and valued client CBH, particularly one that allows us to deploy our capability on a complex, cross border transaction.”
