Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Monday, 30 January 2023 00:34 - - {{hitsCtrl.values.hits}}
New Anthoney’s Farms Chairman Emil Stanley with Gold Coin Director Xae Hoyy Loh
New Anthoney’s Farms Ltd., a leading poultry producer, recently bought 100pct stake in Gold Coin Feed Mills (Lanka) Ltd. from Gold Coin Management Holdings Ltd. and Glen Arbor Holdings (Singapore) Ltd., both of whom are subsidiaries of Aboitiz Equity Ventures Inc (“AEV”).
With this acquisition, Gold Coin Feed Mills (Lanka) will now be Anthoney’s Feed Ltd., making New Anthoney’s Group an integrated poultry player with end-to-end supply chain capabilities in Sri Lanka.
With this acquisition New Anthoney’s is now able to control and manage the entire manufacturing process end-to-end, enabling it to further enhance the quality delivered to its customers and improve production efficiencies. New Anthoney’s is also among the top exporters of poultry products in Sri Lanka and this acquisition directly fits in with the company’s overall objective of accelerating the export growth further, earning valuable foreign exchange to the country.
The acquisition was completed following an official signing between the two companies during mid- December. Nithya Partners acted as legal advisor to New Anthoney’s whilst CFA Saminda Weerasinghe acted as financial advisor to the buyer. TWCorp Ltd. was exclusive financial advisor to the seller whilst Julius and Creasy acted as legal advisors to the seller.
New Anthoney’s Group Chairman Emil Stanley said: “This is a historic moment for New Anthoney’s. I am confident that the acquisition of the animal feed business from Aboitiz Group will help us to grow our business exponentially and will help us to achieve our vision of becoming a reputed brand in the global poultry market. I would like to extend our sincere thanks to Aboitiz Group for the trust placed on us and to TWCorp for facilitating this transaction.’’
“This was a timely decision considering the many factors at hand and the acquisition will strengthen our position in the feed sector enabling us to provide an uninterrupted supply of poultry and also cater to the increasing demand both locally and internationally,” said CEO and Executive Director Neil Suraweera.
The foundation of New Anthoney’s is the farmer who ensures the nation receives the right proteins.
As a result, the country’s more significant population depends on animal producers regardless of its size inside the country. It is because of them producers like New Anthoney’s can conduct environmentally friendly business practices nationally.
New Anthoney›s supports the transformation of animal production systems, both small-scale and large-scale, in ways that are sustainable from an economic, social, and environmental perspective to increase livestock›s contribution to the supply-demand chain.
The sellers, Gold Coin Management Holdings Ltd. and Glen Arbor Holdings (Singapore) Ltd. are both subsidiaries of AEV, and form part of the Aboitiz group’s integrated agribusiness and food and nutrition businesses (Aboitiz Food Group). The exit comes as part of the Aboitiz Food Group taking a strategic decision to focus on its core markets and exit non-core markets such as Sri Lanka.
