Aboitiz family eyes bigger presence in Vietnam
The Cebu-based Aboitiz group’s has acquired 100 percent ownership of Pilmico Vietnam Trading Co. Ltd., for nearly $40 million.
Pilmico Vietnam is engaged in the wholesale of food products, beverages, agricultural and forestry raw materials.
It is expected to become the Aboitiz group’s corporate vehicle for the importation and distribution of Pilmico products in the Vietnamese market.
“Pilmico expects to expand its market in the ASEAN (Association of Southeast Asian Nations) region,” Aboitiz said.
The closing of the transaction is still subject to the approval of the Ministry of Industry and Trade of Vietnam.