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.”
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.
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.