Aboitiz food unit buys majority stake in Singapore's Gold Coin

MANILA - Aboitiz Equity Ventures said Friday its food subsidiary acquired majority stake in a Singapore-based agribusiness company to expand its animal feeds business in the Asian region.

Pilmico International acquired a 75 percent equity interest in Gold Coin Management Holdings Limited for $334 million, through a share purchase agreement between AEV International Pte Ltd and Golden Springs Group, Aboitiz told the stock exchange.

Gold Coin is a major producer of animal feeds. It operates livestock and aqua feed mills across 11 countries in Asia, AEV said.

"This acquisition serves as a platform towards achieving Pilmico’s strategy to grow our core feed milling business beyond ASEAN and now across Asia," said Sabin Aboitiz, AEV chief operating officer and Pilmico president and chief executive officer.

The acquisition, Pilmico's largest investment in the Asia-Pacific region, will add 3 million metric tons in production capacity, it said.