PRESS RELEASE
18 December 2025

PCC clears Upper Pickering’s acquisition of Interflour shares

The Philippine Competition Commission (PCC) on October 23 cleared the proposed acquisition by Upper Pickering Holdings Limited (Upper Pickering) of 50 percent of Interflour Private Limited (Interflour) from Co‑operative Bulk Handling Limited (CBHL).

Upper Pickering is a newly organized entity without operations in the Philippines or other jurisdictions. Interflour is a joint venture corporation between CBHL and Origold Profits Limited (Origold), primarily engaged in wheat flour milling and related grain trading activities. Origold is a private holding company engaged in investment activities. In the Philippines, Interflour operates through Mabuhay Interflour Mill, Inc. CBHL is a co‑operative owned by approximately 3,500 Western Australian grain growers, operating an integrated grain supply chain encompassing storage, handling, marketing, trading, and shipping services.

Following the transaction, Upper Pickering will become a joint venture partner of Interflour together with Origold.

The PCC’s Mergers and Acquisitions Office found no horizontal overlaps or vertical relationships among the parties, given Upper Pickering’s lack of operations prior to the acquisition. Accordingly, the transaction is unlikely to result in a substantial lessening of competition in the Philippine wheat flour milling market.

This clearance underscores PCC’s role in ensuring that mergers and acquisitions proceed without harming competition. In transactions involving new market entrants and established industry players, the Commission remains committed to safeguarding consumer welfare and promoting a level playing field.

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REFERENCE:  
publicaffairs@phcc.gov.ph  
Public Affairs and Research Division
Communications and Knowledge Management Office
Philippine Competition Commission