ABOITIZ EQUITY Ventures, Inc. said its food unit, through subsidiary Gold Coin Management Holdings Pte. Ltd. (GCMH), has completed the acquisition of Singapore-based Diasham Resources Pte. Ltd., expanding its specialty animal nutrition portfolio and manufacturing footprint in Asia.
鈥淭his acquisition gives us a more complete range of products and solutions to offer our customers across the region,鈥 Aboitiz Foods President and Chief Executive Officer Tristan S. Aboitiz said in a disclosure on Monday.
鈥淒iasham has built a strong legacy and developed deep customer relationships over many decades; factors that mattered very much in our decision to engage in this transaction,鈥 he added.
Founded nearly 50 years ago, Diasham supplies feed additives, water-soluble products, injectables, and liquid solutions across Asia-Pacific markets, including Thailand, Indonesia, China, Hong Kong, South Korea, Taiwan, the Philippines, Vietnam, Malaysia, and Bangladesh.
The acquisition strengthens Aboitiz Foods鈥 regional expansion, following its first overseas investment in Vietnam more than a decade ago and GCMH鈥檚 2018 acquisition, which has since become the group鈥檚 largest operation outside the Philippines.
The company said the transaction remains subject to customary closing adjustments related to cash, debt-like items, and working capital.
At the local bourse on Monday, Aboitiz Equity Ventures shares fell 2.55% to P30.70 apiece. 鈥 Alexandria Grace C. Magno
