This acquisition serves as a platform towards achieving Pilmico’s strategy to grow its core feed milling business beyond ASEAN.
Pilmico acquires Gold Coin to expand business in 11 Asia-Pacific countries
PHILIPPINES
Friday, July 20, 2018, 22:50 (GMT + 9)
Aboitiz Equity Ventures, Inc.’s food subsidiary Pilmico International Pte Ltd has acquired a majority stake in agribusiness corporation Gold Coin Management Holdings Limited in a bid to expand its animal feeds business in the Asia–Pacific region.
Pilmico International signed a share purchase agreement with British Virgin Islands -based Golden Springs Group, Ltd. (GSG) for 75 per cent equity interest in Gold Coin.
The purchase, for USD 334 million, will be paid through financing from foreign banks. This acquisition is Pilmico International's largest investment in the Asia-Pacific region to date.
Gold Coin, which is based in Singapore, is a major producer of animal feeds and operates 20 livestock and aqua feed mills across 11 countries in Asia.
“ASEAN’s market size of over 500 million will bring many opportunities to expand our customer base. This acquisition serves as a platform towards achieving Pilmico’s strategy to grow our core feed milling business beyond ASEAN and now across Asia. This acquisition will add three million metric tons of volume which quadruples our overall feeds production capacity.” said Sabin M. Aboitiz, AEV Chief Operating Officer and Pilmico President and Chief Executive Officer.
Established in Singapore in 1953, Gold Coin is a pioneer in animal nutrition and the manufacturing of scientifically balanced animal feed within Asia.
Pilmico International owns 85 per cent stake in aquafeed manufacturer Vinh Hoan Feeds (VHF) and a 70 per cent stake in animal feeds manufacturer Europe Nutrition Joint Stock Company (Eurofeed), both in Vietnam.
Established in Singapore in 1953 and with over 3,000 people throughout 20 production facilities, Gold Coin is a pioneer in animal nutrition and the manufacturing of scientifically balanced animal feed within Asia. The firm offers a wide range of products for both the livestock and the aqua industries, including young animals and hatchery feed, premixes, concentrates and compound feed. For the financial year ended 31 December 2017, it generated net revenues of USD 751million.
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