October 13, 2009
Cooperative Bulk Handling secures US$1.36 billion harvest funding
Western Australia-based grain company Cooperative Bulk Handling Ltd. late Monday reported securing A$1.5 billion (US$1.36 billion) funding to finance payments to growers for the coming harvest.
The mix of funds will come from ANZ Banking Group, Commonwealth Bank of Australia, HSBC Australia, National Australia Bank Ltd. and Rabobank Australia.
"With prices significantly lower this season than last, we consider A$1.5 billion will give us the financial capacity to further build on our leading market share," while reflecting CBH's financial strength and credibility, CBH Chief Executive Andy Crane said in a statement.
CBH marketing unit Grain Pool bought more than 50 percent of the grain produced in Western Australia's previous harvest, which was shipped around the world, he said.
CBH operates almost 200 upcountry grain storage sites and four export terminals, an effective monopoly on grain storage and handling in Western Australia.
