Aboitiz Equity Ventures Inc. reported that its food subsidiary Pilmico International has exited Sri Lanka with the sale of its 100 percent stake in Gold Coin Feed Mills (Lanka) Limited (GCFL).
In a disclosure to the Philippine Stock Exchange, AEV said Gold Coin Management Holdings Pte. Ltd. (Gold Coin), together with Glen Arbor Holdings (Singapore) Pte. Ltd., has entered into a Share Sale and Purchase Agreement with New Anthoney’s Farms (PVT) Ltd. for the sale and disposition of GCFL.
“Following the signing of the agreement and subject to completion of conditions precedent, the transaction is expected to be completed by the year-end of 2022,” AEV said.
GCFL is a company engaged in the manufacturing and distribution of animal feed products in Sri Lanka, while Glen Arbor and Gold Coin are Singapore-based subsidiaries of AEV, whose shares are held through Pilmico International Pte. Ltd.
“The exit from Sri Lanka is aligned with the Aboitiz Group’s direction to grow its animal feeds business in other parts of the SouthEast Asia and China markets,” said AEV.
Pilmico International initially acquired 75 percent of Gold Coin from the Zuellig family for $413 million in 2018. In 2019, Pilmico acquired the remaining 25 percent of Gold Coin held by a Zuellig scion for $120 million.
AEV said Pilmico International was able to expand its animal feeds business in the Asia Pacific region with the acquisition of Gold Coin – one of Asia’s largest privately-owned agribusiness corporations.
Pilmico International was chosen as the preferred bidder following a competitive bid selection process for the acquisition of Gold Coin shares from its holding company, GSG.
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.