Clifford Chance and AS&H Clifford Chance advised Wilmar International Limited in the context of the acquisition through its subsidiary Wilmar Sugar Pte. Ltd. (Wilmar) of Cosumar S.A.’s entire 43.275% equity interest in Durrah Advanced Development Company (Durrah), a company incorporated in Saudi Arabia, for a total cash consideration of SAR 242,800,000 (approximately USD 64.7 million). As a result of this acquisition, Wilmar has increased its existing 5% equity interest in Durrah to 48.275%. The balance 51.725% interest in Durrah is held by local Saudi investors.
Wilmar, listed on the Singapore Exchange, is a leading agribusiness group in Asia that encompasses the entire value chain of the agricultural commodity business. Its activities include among others oil palm cultivation, oilseed crushing, flour and rice milling, sugar milling and refining, manufacturing of consumer products, oleochemicals, biodiesel and fertilizers.
Durrah is a leading sugar operator in Saudi Arabia.
The Clifford Chance and AS&H Clifford Chance team was led by Mustapha Mourahib, Managing Partner of the Casablanca office and co-head of the firm Africa practice. The team in Casablanca was composed of Hasnaa Bennani, Senior Associate and Cindy Massala Gouaka, Associate. The team in Riyadh was composed of Daniel Royle, Partner, Aysh Ahmed Chaudhry, Senior Associate, and Shahinaz Alassaf, Associate.
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