Aboitiz Group exits Sri Lanka

September 28, 2022 | 12:00am

MANILA, Philippines — Singapore-based Gold Coin, a subsidiary of the Aboitiz Group, is leaving Sri Lanka because it shifts its focus to different areas within the area.

Established in Singapore in 1953, Gold Coin is a pioneer in animal vitamin and the manufacturing of scientifically balanced animal feeds inside Asia.

It’s a subsidiary of Aboitiz Fairness Ventures Inc. (AEV) via Pilmico Worldwide Pte. Ltd. and is likely one of the largest privately owned agribusinesses within the area, using over 3,000 individuals all through 20 manufacturing services.

In a disclosure yesterday, AEV stated Gold Coin Administration Holdings Pte. Ltd., along with Glen Arbor Holdings (Singapore) Pte. Ltd. entered right into a share sale and buy settlement with New Anthoney’s Farms (PVT) Ltd. for the sale and disposition of one hundred pc fairness curiosity in Gold Coin Feed Mills (Lanka) Restricted (GCFL).

The transaction is predicted to be accomplished by the top of the yr.

GCFL is an organization engaged within the manufacture and distribution of animal feed merchandise in Sri Lanka.

“The exit from Sri Lanka is aligned with the Aboitiz Group’s route to develop its animal feeds enterprise in different components of the SouthEast Asia and China markets,” AEV stated.

In 2018, Pilmico Worldwide acquired a majority stake in Gold Coin via a share buy settlement with British Virgin Islands-based Golden Springs Group Ltd. (GSG) for a 75 p.c fairness curiosity in Gold Coin at $334 million, making manner for AEV’s meals subsidiary to additional develop its animal feed footprint within the area.

The Gold Coin acquisition marks Pilmico Worldwide’s largest funding within the Asia-Pacific area.

It follows its 2014 buy of a 70 p.c stake in Vinh Hoan Feeds (VHF), one in every of Vietnam’s main aquafeed producers.

In 2017, the corporate acquired a further 15 p.c stake in VHF, successfully growing its stake to 85 p.c.

The transfer is a part of the Aboitiz Group’s technique to widen its footprint in Vietnam and diversify its product portfolio.

It was in 2014 when Pilmico first expanded throughout the ASEAN area by exporting flour to nations like Indonesia, Thailand, and Hong Kong.

In the present day, Pilmico, the meals subsidiary of the Aboitiz Group, is in not less than 11 nations and ranks among the many prime feeds gamers in Asia Pacific.