MANILA – Pilmico International Pte. Ltd. (Pilmico International), a wholly-owned subsidiary of Aboitiz Equity Ventures, Inc. (AEV), recently acquired 70% of the outstanding shares of Vietnam-based animal feeds company Europe Nutrition Joint Stock Company (Eurofeed). The transaction price amounts to US$3.2M, based on 70% of equity value.
The move is part of the Aboitiz Group’s further push into the Vietnamese market and expansion of its feeds business.
To formalize the partnership, an official turnover was held on September 27 at the Majestic Hotel in Ho Chi Minh City, where the management teams of Eurofeed and Aboitiz food business unit Pilmico Foods Corporation and Pilmico International were present, together with key business partners.
Among the attendees were Sabin M. Aboitiz, Pilmico President and Chief Executive Officer; Le Binh Hung, Eurofeed Director; and Nguyen Xuan Duong, Deputy General Director of the Department of Livestock Production, among others.
Aboitiz, in his acceptance message, said: “We are celebrating another milestone for the Aboitiz Group, particularly for Pilmico, as it embarks on another international venture. Despite foreseen market challenges, Vietnam remains to be a strategic country for Pilmico, given its strong economy, a promising livestock industry and access to potential export markets. Pilmico’s presence in the ASEAN, expands through partnerships. Just like in any partnership, success depends upon the commitment and the synergies of both parties. We will work as a team, complementing each other, enhancing networks and relationships to bring out our competitive advantage.”
Following the turnover ceremony, Aboitiz officially announced that the Company has changed its name from the Eurofeed Joint Stock Company to Pilmico Animal Nutrition Joint Stock Company.
In July 2014, Pilmico acquired a 70% stake in leading Vietnamese aqua feed firm, Vinh Hoan Feeds, a leading and trusted supplier of aqua feed based in Dong Thap, Vietnam. Founded in 2007, it operates a 130,000 tons-per-year aqua feed facility producing primarily pangasius (fish) feed. Its research and development team operates a pilot farm facility to continuously improve pangasius health and productivity.