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.

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.

Source: InterAksyon // Original Article