China State Construction Engineering Corporation Limited (SHSE:601668) made a non-binding proposal to acquire 88% stake in Probuild Constructions (Aust) Pty Ltd from Wilson Bayly Holmes-Ovcon Limited (JSE:WBO) for AUD 300 million on June 3, 2020. The transaction is subject to the completion of due diligence and entry into a mutually agreed Share Sale Agreement. As of October 28, 2020 Whilst in principle agreement has been reached on the majority of key terms and negotiations are materially advanced, the transaction remains subject to finalization and execution of binding transaction documentation and key conditions including counterparty, regulatory and shareholder approvals. Investec Bank acted as financial advisor while King & Wood Mallesons and Bowmans acted as legal advisor to Wilson Bayly Holmes-Ovcon in the transaction.

China State Construction Engineering Corporation Limited (SHSE:601668) cancelled the acquisition of 88% stake in Probuild Constructions (Aust) Pty Ltd from Wilson Bayly Holmes-Ovcon Limited (JSE:WBO) on January 11, 2021. Transaction cancelled as proposed investment application in Probuild lodged with the Australian Foreign Investment Review Board has been withdrawn following the advice that the same would be rejected by the Federal Government on the grounds of national security.