Pilmico acquires 100% stake of Gold Coin

28 May 2019 – Aboitiz Equity Venture’s (AEV) food subsidiary Pilmico International Pte Ltd (“Pilmico International”) announced today its acquisition of the remaining 25% equity stake in Gold Coin Management Holdings Limited (Gold Coin) for $120,000,000.

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.

The consideration is a negotiated amount mainly based on the same enterprise value of USD550 million as the acquisition of the 75% equity interest in Gold Coin. After deducting net debt (debt less cash and short term investments) and certain sums payable by Golden Springs Group, Ltd. to Gold Coin, the final cash consideration for the 25% equity interest in Gold Coin is $120,000,000.

The Gold Coin acquisition is Pilmico International’s largest investment in the Asia-Pacific region to date.

Pilmico International’s first ASEAN venture was in Vietnam in 2014 when it bought a 70% stake in Vinh Hoan Feeds (VHF), one of the country’s major aquafeed manufacturer.  In 2017, it bought an additional 15% stake in VHF, effectively increasing its stake to 85%. Driven by its strategy to widen its footprint in Vietnam and diversify product portfolio, in September 2017, Pilmico International bought a 70% stake in Europe Nutrition Joint Stock Company (Eurofeed), an animal feeds manufacturer.


© 2019 Gold Coin Holdings Inc.