Aboitiz Hikes Stake in Gold Coin to 100%

The Aboitiz group has taken full ownership of Singapore-based Gold Coin Management Holdings Ltd., the largest agribusiness company in the region, with the buyout of the remaining 25 percent stake held by a Zuellig scion for $120 million.

The consideration is a negotiated amount mainly based on the same enterprise value of $550 million as last year’s acquisition of the 75 percent stake in Gold Coin. But after deducting net debt (debt less cash and short term investments) and certain sums payable by Golden Springs Group Ltd. to Gold Coin, the final cash consideration for the 25 percent was $120 million.

To read more, click here.