Aboitiz Equity Ventures Inc. (AEV) said it is divesting of its feeds business in Sri Lanka.
The company told regulators its Singapore units Gold Coin Management Holdings Pte. Ltd. and Glen Arbor Holdings (Singapore) Pte. Ltd. have entered into a share sale and purchase agreement with New Anthoney’s Farms (PVT) Ltd. for the disposition of 100 percent equity interest in Gold Coin Feed Mills (Lanka) Limited (GCFL).
GCFL is a company engaged in the manufacturing and distribution of animal feed products in Sri Lanka. Glen Arbor and Gold Coin are owned by AEV through Pilmico International Pte. Ltd.
Gold Coin is a major producer of animal feeds and operates 20 livestock and aqua feed mills across 11 countries in Asia.
“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.
“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,” it added.
AEV through Pilmico acquired 75 percent of Gold Coin from the Zuellig family in 2018 for $413 million. The next year, Pilmico acquired the remaining stakes of the family in Gold Coin for $120 million.
