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Aboitiz buys 70% of feeds company in Vietnam

/ 05:17 AM October 02, 2017

Pilmico International Pte. Ltd., a wholly-owned subsidiary of Aboitiz Equity Ventures, Inc., has acquired a 70-percent stake in feeds company Eurofeed for $3.2 million, further expanding the Aboitiz group’s presence in Vietnam’s growing livestock industry.

Pilmico president and chief executive officer Sabin Aboitiz said in a statement that despite foreseen market challenges in Vietnam, it remained a strategic country for the group given its “strong economy, promising livestock industry and access to potential export markets.”

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The group also said in the statement that it sees its latest acquisition as a strategic entry point to the animal feed milling industry in Vietnam.

Earlier, the Aboitiz group expressed its interest to export aqua feeds in Asean and Africa through Pilmico Vin Hoan 1 Feed (VHF), one of the largest aqua feed producers in Vietnam, while also actively pursuing mergers and acquisitions in the region.

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This year, Pilmico, the food business unit of the Aboitiz group, has allocated P1.7 billion in capital expenditures to finance its programs in the flour, feeds, and farms divisions.

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TAGS: Aboitiz Equity Ventures, Business, Inc., Pilmico International Pte. Ltd.
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