Pilmico seeks to buy VN feed companies: report
Pilmico seeks to buy VN feed companies: report
Filipino firm Pilmico Foods Corporation is trying to acquire some feed companies in Viet Nam in an expansion bid, the local media in the Philippines reported on May 24.
Pilmico, a subsidiary of the Aboitiz Group, had bought a 70 per cent stake in Vinh Hoan 1 Feed JSC (VHF) for US$28 million last year.
Founded in 2007 in the southern Dong Thap Province, VHF was the fourth largest aqua feed producer in Viet Nam. It operated a 130,000-tonne-per-year aqua feed facility, primarily producing pangasius feed.
According to the Q1 earning report of the Aboitiz Group, Pilmico contributed Php416 million ($9.3 million), 23 per cent higher than the same period last year, because of a strong performance by the feed division. The net income after taxes (NIAT) of Feeds Philippines went up by 70 per cent to reach Php146 million ($3.26 million), while Feeds Vietnam contributed Php32 million ($715,599)
Pilmico President and Chief Executive Officer Sabin M Aboitiz told Filipino media that they were looking at Viet Nam for the expansion of the feed business. He said Pilmico was currently looking at three companies in northern Viet Nam.
The Aboitiz Group did not announce anything more specific about the plan, but said they would implement it in the next two months.
