THE ABOITIZ group’s food unit has taken over offshore trading firm Pilmico Vietnam Trading Co. Ltd., intended to be the group’s vehicle for the rollout of Pilmico products into the Vietnamese market.
Pilmico International Pte. Ltd., a privately-held unit of conglomerate Aboitiz Equity Ventures Inc. (AEV), announced the acquisition of 100 percent of Pilmico Vietnam Trading for 888 million Vietnamese dong ($39,765), AEV disclosed to the Philippine Stock Exchange on Wednesday.
This is seen giving the Aboitiz group full control of the distribution arm for Pilmico’s agro-industrial products.
Pilmico Vietnam Trading is a limited liability company operating in Vietnam and engaged in the wholesale of food products, beverages, agricultural and forestry raw materials, among others. This was owned by a local business group led by Pham Thu Huong, from whom Pilmico International bought the shares.
With the acquisition of this trading firm, “Pilmico expects to expand its market in the ASEAN (Association of Southeast Asian Nations) region,” the disclosure said. This is seen to become the vehicle for the importation and distribution of Pilmico products in Vietnam.
Closing of the transaction is still subject to the approval of the Ministry of Industry and Trade of Vietnam, the disclosure said.