Singapore-based feed producer Gold Coin sold majority stakes for US$550m

Shares were bought by the Aboitiz Group's Pilmico.

Agri and healthcare firm Golden Springs Group (GSG) sold 75% of the stakes of its Singapore feed producer Gold Coin for US$550m ($752.13m), an announcement revealed.

The buyer is animal nutrition producer Pilmico which is the food arm of Aboitiz Group from the Philippines.

“The Zuellig and Aboitiz families have known each other for generations.” GSG chairman Peter Zuellig said. “The partnership will strengthen Gold Coin’s growth profile and long-term value creation potential.”

Credit Suisse served as the sole financial advisor for the deal.

“This acquisition will add three million metric tons of volume which quadruples our overall feeds production capacity,” Pilmico president and CEO Sabin Aboitiz said..

Established in 1953 in Singapore, Gold Coin caters its operations across 11 countries. It is the only pure-play animal nutrition producer active in the majority of key livestock feed markets in Southeast Asia.