Aboitiz Equity Ventures Inc., the holding firm of the Aboitiz Group, gave up its full control in Gold Coin Feed Mills Ltd., a manufacturer and distributor of animal feeds in Sri Lanka, to pursue growth prospects in other Southeast Asian markets.

In stock report, AEV confirmed that its Singapore-based subsidiaries Gold Coin Management Holdings Pte. Ltd. and Glen Arbor Holdings Pte. Ltd. sold 100 percent of their stakes in Gold Coin Feed to New Anthoney's Farms Ltd.

"The exit from Sri Lanka is aligned with the Aboitiz Group's direction to grow its animal feeds business in other parts of SouthEast Asia and China markets," the company said.
The parties entered into a Share Sale and Purchase Agreement on 23 September. Although still subject to the completion of conditions precedent, the transaction is expected to be completed by the end of 2022.

Glen Arbor and Gold Coin are Singapore-based subsidiaries of AEV, whose shares are held through Pilmico International Pte. Ltd.

Data partnership sealed

Aboitiz Data Innovation and Shiptek Solutions Corp, a Philippine-based software development company, meanwhile, announced a partnership to further drive the operationalization of Data Science and Artificial Intelligence in the logistics industry.

The logistics and supply chain industry has seen immense disruption throughout the pandemic, affecting micro-, small- and medium-sized enterprises.

As economies and businesses begin to adjust to the changes, support from financial institutions and governments remains a key driver to the industry's success.

While many agree that financing of both logistics fees and trade of goods will help alleviate the logistics problem of MSMEs, businesses will need to find a sustainable long-term solution to tackle these challenges.

"XLOG has a solid foundation in place to help enable the logistics and shipping industries to manage and monitor transactions online. By leveraging the data we have on hand, we believe this strategic collaboration with ADI will help stakeholders such as importers, exporters, forwarders, and trucking operators have the proper resources and financial support in place to drive success," Shiptek chief operations officer Joey Ynion, said.