Agri firm seeks dual listing

AgriNurture Inc. (ANI), a leading exporter of fresh, frozen and processed fruits, is expecting a dual listing of its shares on both the Philippine Stock Exchange and the National Stock Exchange of Australia this year to fund its expansion and acquisition binge.

ANI chief executive officer Antonio Tiu said the company has already filed with both exchanges an application for listing of a total of 178 million shares by way of introduction.

If approved, the company will be the first Philippine company to list in the Australian stock market.

The listing would make the company’s operations and finances transparent as ANI prepares for an initial public offering (IPO) of around 121.46 million shares by the end of the year.

Tiu said proceeds from the listing would be used to bankroll ANI’s acquisition of related food companies in the Philippines and in Asia in pursuit of its vision to become a world-class supplier of high-quality fresh and processed agricultural food products. “Through innovations, we intend to maintain and even improve the quality of our produce. More than being first, we put quality above all,” he said.

The company’s decision to list in Australia was due to the high concentration of overseas Filipinos working or living there. “We believe they would support us in our move to expand our company through the Australian market,” Tiu said.

Incorporated in February 1997, ANI is the country’s top exporter to the world of the much-coveted Philippine Carabao mangoes in terms of volume and market coverage. Formerly known as Mabuhay 2000 Enterprises, ANI was the first to bring into the Philippine market the Mega-Sun brand of grain dryers.

ANI also supplies other home-grown fruits such as banana, pineapple and papaya to customers in Hong Kong, Mainland China, the Middle East and European regions.

The company supplies more than 100 varieties of vegetables and local fruits daily to 16 SM Supermarket stores located in the National Capital Region and other provinces in Luzon as well as to 11 branches of Makro. Today, ANI’s subsidiary, First Class Agriculture, serves at least 100 tons of high-grade vegetables through its brand Fresh Choice Always to Metro Manila residents through the SM Supermarket and SM Hypermart chains.