October 2, 2017

Philippines' Aboitiz completes acquisition of 70% of Vietnamese feeds firm

The Philippines' Aboitiz Group, through Pilmico International Pte. Ltd. (Pilmico International), a wholly-owned subsidiary of Aboitiz Equity Ventures Inc., has finalised its acquisition of a 70% stake in the Vietnam-based animal feeds company Europe Nutrition Joint Stock Company, or Eurofeed.

The acquisition, at the price of US$3.2 million based on 70% of equity value, further pushes the Group's hold on the Vietnamese feeds market.

"We are celebrating another milestone for the Aboitiz Group, particularly for Pilmico, as it embarks on another international venture. Despite foreseen market challenges, Vietnam remains to be a strategic country for Pilmico, given its strong economy, a promising livestock industry and access to potential export markets", said Sabin M. Aboitiz, Pilmico president and chief executive officer.

During the turnover ceremony, which completed the acquisition, on Sept. 27 at the Majestic Hotel in Ho Chi Minh City, Aboitiz officially announced that the company has changed its name from Eurofeed Joint Stock Company to Pilmico Animal Nutrition Joint Stock Company.

In July 2014, Pilmico acquired a 70% stake in leading Vietnamese aqua feed firm Vinh Hoan Feeds, a leading supplier of aqua feed based in Dong Thap, Vietnam. Founded in 2007, it operates a 130,000-tonne-per-year aqua feed facility producing primarily pangasius feed.