MANILA, July 20 (Reuters) - Philippine conglomerate Aboitiz Equity Ventures Inc said on Friday its agribusiness and food unit has bought a majority stake in one of Asia’s major animal feeds producers for $334 million, its largest acquisition in the region to date.
The unit, Pilmico, acquired a 75 percent stake in Singapore-based Gold Coin Management Holdings Ltd, which would quadruple its overall feeds production capacity, Aboitiz said.
Pilmico acquired the stake following a competitive bidding process, Aboitiz said in a statement.
“This acquisition will add three million metric tons of volume which quadruples our overall feeds production capacity,” said Sabin Aboitiz, Aboitiz Equity’s chief operating officer and Pilmico’s president and CEO.
Gold Coin operates 20 livestock and aqua feed mills across 11 countries in Asia.
Pilmico had bought in 2014 a 70 percent stake in Vinh Hoan Feeds, one of Vietnam’s major aqua feed manufacturers, followed by the purchase of an additional 15 percent in 2017.
Aboitiz, a $5.6 billion company with interests in banking, real estate development and infrastructure, also owns one of the Philippines’ biggest power producers, Aboitiz Power Corp . (Reporting by Enrico dela Cruz; Editing by Gopakumar Warrier)