Time to explore new opportunities: Aboitiz family exits Sri Lanka’s feeds market

The Aboitiz Group is divesting its 100 percent stake in Gold Coin Feed Mills (Lanka) Ltd., a company engaged in the manufacturing and distribution of animal feed products in Sri Lanka, to allow it to focus on other Southeast Asian markets.

In a stock exchange filing, conglomerate Abotiz Equity Ventures said its Singapore-based subsidiaries Gold Coin Management Holdings Pte. Ltd. and Glen Arbor Holdings Pte. Ltd. inked a sale and purchase deal with New Anthoney’s Farms (PVT) Ltd. involving GCFL for an undisclosed price.

“The exit from Sri Lanka is aligned with the Aboitiz Group’s direction to grow its animal feeds business in other parts of the SouthEast Asia and China markets,” AEV said.

The Abotiz-led holding firm said the transaction is expected to be completed by the end of the year.

AEV, through Pilmico and Gold Coin Group, has charted an ambitious expansion strategy in line with its goal to be one of the leading integrated food and agribusiness companies in Asia. This includes acquisition of facilities in the Philippines and across the entire Asian region spanning Vietnam, Indonesia, Malaysia and China.

The group plans to bolster its presence in fast-growing segments like specialty nutrition, aquaculture and pet food.