11 Apr 2016
Restructuring of Gardenia Bakeries (K.L.) Sdn Bhd
Serene Yeo, Alison Foo and Esther Cher from the Capital Markets / Mergers & Acquisitions Practice Group acted in connection with QAF Limited's restructuring of its partially-owned Malaysian subsidiary, Gardenia Bakeries (KL) Sdn Bhd, with a deal value of S$43.5 million. QAF is listed on the SGX-ST. Gardenia KL manufactures and distributes bread and bakery products in West Malaysiaunder the "Gardenia" brand owned by QAF.
The cross-border restructuring involved (i) the disposal by the QAF group of part of its sharehooding in Gardenia (KL) to Padiberas Nasional Sdn Bhd ("BERNAS"). Post-completion, Gardenia (KL) has become a 50/50 joint venture between QAF and BERNAS, and (ii) the proposed injection of land into Gardenia KL for a new manufacturing plant. The restructuring was undertaken due to Malaysian regulatory requirements and was subject to the approval of the Malaysian authorities.