MANILA, Philippines - AgriNurture Inc., a leading exporter of fresh, frozen and processed fruits, has obtained the green light from the Securities and Exchange Commission to list around 178 million shares by way of introduction.
The approval was subject to the condition that the company would undertake an initial public offering (IPO) one year after its introductory listing.
Under the plan, AgriNurture will offer 101.46 million shares through an IPO with warrants.
Proceeds from the listing will be used to fund working capital requirements which include the acquisition of new canning equipment, laboratory equipment, drying and freezing equipment and cold storage facilities, and additional investment in farm machinery and equipment.
The company exports carabao mangoes, cavendish bananas, Hawaiian sweet pineapples, tamarinds and papayas. It currently supplies fruits and vegetables to 27 out of the existing 31 supermarket branches of SM.
Organized in February 1997, AgriNurture 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, Agriculture was the first to bring into the Philippine market the Mega-Sun brand of grain dryers.
AgriNurture, through 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.
Another unit, M2000 Imex, is also engaged in the processing of branded and toll-manufactured canned fruit beverages and products such as mango nectar, coco juice, coco cream and coco milk.