Aboitiz Equity Ventures Inc. (AEV) has exited the Sri Lankan market with the sale of Gold Coin Feed Mills. In a disclosure to the Philippine Stock Exchange, AEV announced that they entered into agreement with Sri Lanka’s New Anthoney’s Farms (PVT) Ltd. for the sale and disposition of 100% equity interest in Gold Coin Feed Mills (Lanka) Limited.

“The exit from Sri Lanka is aligned with the Aboitiz Group’s plans to grow its animal feed business in other parts of the Southeast Asia and China markets,” the company said. The transaction is expected to be completed by the end of 2022.

Gold Coin is one of the Asia’s largest privately-owned agrobusiness corporations that manufactures animal feed within Asia. AEV through its subsidiary Pilmico International Pte. Ltd. acquired a majority stake of Gold Coin in 2018 and full ownership in 2019.