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Pilmico Foods Corp. (Pilmico), a subsidiary of listed holdings company Aboitiz Equity Ventures, Inc. (AEV), yesterday said it sold its stake in Pilmico-Mauri Foods Corp. (Pilmico-Mauri) for 100 million to ABF Overseas Ltd. (ABF Overseas).

In a disclosure to the Philippine Stock Exchange, Pilmico said the move is part of the company's efforts to concentrate on growing its flour milling business and the feeds and swine businesses of ites subsidiary, Fil-Am Foods, Inc. Pilmico expects to earn P61 million from the sale.

Pilmico-Mauri manufactures bakery ingredients and was a joint-venture (JV) company formed by Pilmico and the Burns Philp Co. of Australia.

Burns Philp sold its yeast division, including its stake in Pilmico-Mauri, to the parent company of ABF Overseas in 2004. ABF Overseasks a subsidiary of UK-based Associated British Foods Plc.

AEV is the public holding and management firm of the Aboitiz Group. Its principal business lines include power distribution and generation, financial services, food manufacturing, transport, and portfolio investments.

For more information, visit www.pilmico.com or e-mail to customer_first@pilmico.com.