Pilmico acquires majority stake in regional feed player Gold Coin
Aboitiz food subsidiary Pilmico International Pte Ltd. has acquired a majority stake in one of Asia’s largest privately-owned agribusiness corporations, Gold Coin ManagementHoldings Limited (Gold Coin), as it expands its animal feeds business in the Asia Pacific region.
Pilmico International is a wholly owned subsidiary of Aboitiz Equity Ventures, Inc. (AEV) through its Singapore-based holding entity, AEV International Pte Ltd.
To be specific, Pilmico International signed a share purchase agreement with British Virgin Islands-based Golden Springs Group, Ltd. (GSG) for 75 percent equity interest in Gold Coin.
The consideration is based on an enterprise value of US$413 million, which is equivalent to 75 percent of the total enterprise value of US$550 million. After deducting cash-like adjustments, the final cash consideration is US$334 million.
The transaction will be funded through financing from foreign banks.
Pilmico International was chosen as the preferred bidder following a competitive bid selection process for the acquisition of Gold Coin shares from its holding company, GSG.
Gold Coin, which is based in Singapore, is a major producer of animal feeds and operates 20 livestock and aqua feed mills across 11 countries in Asia.