Industry Park Pty Ltd entered into a sale and purchase agreement to acquire Rivalea Holdings Pty Ltd and Oxdale Dairy Enterprise Pty Ltd. from Hamsdale International Pte. Ltd. and QAF Limited (SGX:Q01) for approximately AUD 150 million on June 8, 2021. Industry Park Pty Ltd agreed to acquire Rivalea Holdings Pty Ltd and Oxdale Dairy Enterprise Pty Ltd. from Hamsdale International Pte. Ltd. and QAF Limited (SGX:Q01) for approximately AUD 175 million on June 8, 2021. The consideration includes cash payment of AUD 107.9 million and payment for shareholders loans of AUD 40 million. The transaction is subject to regulatory approval, antitrust approval, and approval of shareholders of QAF Limited at an extraordinary general meeting. As of June 25, 2021, the transaction has submitted JBS' proposed acquisition of Rivalea to the Australian Competition and Consumer Commission (ACCC). As of December 2, 2021, the ACCC found that the proposed acquisition is unlikely to substantially lessen competition in pork production and processing markets and therefore will not breach the Competition and Consumer Act,” ACCC Deputy Chair Mick Keogh said. As of December 2, 2021, the ACCC Approval condition has been satisfied following the ACCC's decision that it does not propose to intervene in the proposed acquisition. For the year ending December 31, 2020, target group reported net income of AUD 14.7 million and had net asset value of AUD 131.6 million on December 31, 2020. The net proceeds will enable the group to focus on and support the growth of the Bakery and Distribution and Warehousing businesses and enable the Group to invest in new business. As of September 16, 2021 the ACCC has outlined its preliminary competition concerns about JBS Australia Pty Ltd's proposed acquisition of Rivalea Holdings Pty Ltd and Oxdale Dairy Enterprise Pty Ltd in a statement of issues published today. As of December 6, 2021, QAF issued a circular to provide Shareholders with information relating to the use of the net proceeds which will enable the Group to focus on and support the growth of the Bakery and Distribution and Warehousing Business and enable the Group to invest in new business opportunities related to these businesses and payment of the Special Dividend and to seek the approval of Shareholders by way of ordinary resolutions for the Disposal and the Special Dividend at the EGM to be held on 21 December 2021. As of December 8, 2021, the parties agreed to extend the date for fulfilment of the conditions, from December 8, 2021, to December 31, 2021. As of December 14, 2021, the statutory deadline for FIRB Approval has been extended to December 24, 2021. As of December 21, 2021, the transaction is approved by shareholders of QAF Limited and regulatory authority. The transaction is expected to complete in the first week of January 2022. Rabobank Singapore acted as financial adviser, Mark Malinas, Hannah Biggins, Jacqueline Downes and Bill McCredie of Allens Linklaters acted as legal adviser, Ernst & Young Australia and BDO Services acted as accountant to QAF Limited.

Industry Park Pty Ltd completed the acquisition of Rivalea Holdings Pty Ltd and Oxdale Dairy Enterprise Pty Ltd. from Hamsdale International Pte. Ltd. and QAF Limited (SGX:Q01) on January 4, 2022.