News

HopgoodGanim advises on $120 million sale of PCSMA assets to Sucrogen

13 December 2011

After advising Proserpine Cooperative Sugar Milling Association Limited (PCSMA), Australia's fifth largest sugar mill, on corporate structuring and its sale process since February 2011, leading law firm HopgoodGanim has assisted the administrators of PCSMA to complete the $120 million sale of its milling assets to Sucrogen.

According to partner Nicole Radice, HopgoodGanim assisted the administrators to complete the sale to Sucrogen with a same day turnaround, shortly after PCSMA's creditors approved the transaction.

"The advice we have provided to PCSMA has ranged from obtaining government and regulatory approvals through to advising on complex structuring, property and employment issues," Radice says.

"We also represented PCSMA throughout the takeover process and advised the directors in respect of a number of rival bids."

Sucrogen is the Australian-based sugar subsidiary of Singapore's Wilmar International Limited and Australia's leading sugar company. Sucrogen produces about half of Australia's raw sugar supply and is the largest sugar refiner in Australia and New Zealand.

Sucrogen's purchase of PCSMA will lift its raw sugar milling capacity by approximately 2 million tonnes to a total of 17 million tonnes, and increase raw sugar production by about 10 percent to 2.2 million tonnes.

Contact:
Esther Cohen, Senior Communications Advisor
Tel: 07 3024 0192