Aboitiz buys Vietnamese animal feeds company

Conglomerate Aboitiz Equity Ventures Inc. has expanded its animal feeds business in Vietnam with the acquisition of a controlling stake in Europe Nutrition Joint Stock Co. (Eurofeed).

Through wholly-owned subsidiary Pilmico International Pte., AEV is buying 70 percent of Vietnam-based Eurofeed for $3.7 million.

In a disclosure to the Philippine Stock Exchange on Monday, AEV said its board had approved the acquisition, which was based on enterprise value less debt.

The deal is still subject to closing audit review, the execution of a shareholders’ agreement and the delivery by the sellers of the corresponding amended investment certificates, and other corporate documents to be submitted to the relevant governmental authorities of the Socialist Republic of Vietnam necessary to obtain the amended enterprise registration certificate, among others.

source: Business Inquirer