• AEV AFFILIATE BUYS 70% OF VIETNAMESE AQUA FIRM

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    ABOITIZ Equity Ventures Inc. (AEV) entered the international market for the first time after its wholly owned subsidiary Pilmico International Pte. Ltd. acquired a 70-percent stake in Vietnamese aqua feeds firm Vinh Hoan Corp. In a disclosure to the Philippine Stock Exchange, AEV said its Singapore-based affiliate Pilmico International bought 70 percent of Vinh Hoan 1 Feed JSC (VHF) from VHC for $19.6 million. Pilmico will purchase the remaining 30 percent within five years at a pre-agreed price set out in the agreement, bringing the total transaction value to $28 million. “We are delighted to have this opportunity to expand our feeds business and to enter Vietnam with such a strong and well respected partner as VHC,” Sabin Aboitiz, president and CEO of Pilmico, said. VHF is the fourth largest aqua feeds producer in Vietnam; while AEV, through its food subsidiary Pilmico, manufactures and sells flour, feeds and their by-products.

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