MANILA, Philippines — Singapore-based Gold Coin, a subsidiary of the Aboitiz Group, is leaving Sri Lanka as it shifts its focus to other areas in the region.
Established in Singapore in 1953, Gold Coin is a pioneer in animal nutrition and the manufacturing of scientifically balanced animal feeds within Asia.
It is a subsidiary of Aboitiz Equity Ventures Inc. (AEV) through Pilmico International Pte. Ltd. and is one of the largest privately owned agribusinesses in the region, employing over 3,000 people throughout 20 production facilities.
In a disclosure yesterday, AEV said Gold Coin Management Holdings Pte. Ltd., together with Glen Arbor Holdings (Singapore) Pte. Ltd. entered into a share sale and purchase agreement with New Anthoney’s Farms (PVT) Ltd. for the sale and disposition of 100 percent equity interest in Gold Coin Feed Mills (Lanka) Limited (GCFL).
The transaction is expected to be completed by the end of the year.
GCFL is a company engaged in the manufacture and distribution of animal feed products in Sri Lanka.
“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,” AEV said.
In 2018, Pilmico International acquired a majority stake in Gold Coin through a share purchase agreement with British Virgin Islands-based Golden Springs Group Ltd. (GSG) for a 75 percent equity interest in Gold Coin at $334 million, making way for AEV’s food subsidiary to further expand its animal feed footprint in the region.
The Gold Coin acquisition marks Pilmico International’s largest investment in the Asia-Pacific region.
It follows its 2014 purchase of a 70 percent stake in Vinh Hoan Feeds (VHF), one of Vietnam’s major aquafeed manufacturers.
In 2017, the company acquired an additional 15 percent stake in VHF, effectively increasing its stake to 85 percent.
The move is part of the Aboitiz Group’s strategy to widen its footprint in Vietnam and diversify its product portfolio.
It was in 2014 when Pilmico first expanded within the ASEAN region by exporting flour to countries like Indonesia, Thailand, and Hong Kong.
Today, Pilmico, the food subsidiary of the Aboitiz Group, is in at least 11 countries and ranks among the top feeds players in Asia Pacific.