Aboitiz Equity Ventures Inc has acquired majority stake in Việt Nam’s Eurofeed. — Photo nhipcaudautu.vn

The Philippines’ Aboitiz Equity Ventures Inc (AEV) has acquired majority stake in Việt Nam’s Europe Nutrition Joint Stock Company (Eurofeed), in a move to expand its animal feed business.

In a disclosure to the Philippine Stock Exchange on Monday, AEV said it has taken over 2.8 million shares, or a 70 per cent stake, of Eurofeed for US$3.7 million through its wholly-owned subsidiary Pilmico International Pte. This price puts Eurofeed’s value at $5.3 million.

The purchase price is subject to price adjustments on the basis of a closing audit review, AEV said.

Việt Nam is considered an animal feed market with good potential. In the first half of 2017, the country spent $1.8 billion on import of animal feed and materials, a year-on-year increase of 17.3 per cent. The figure for 2016 was $3.39 billion.

Last year, Pilmico International wholly acquired Pilmico Vietnam Trading Co Ltd (Pilmico Vietnam), which does business in wholesale food products, beverages, agricultural and forestry raw materials, among other things. — VNS