AgriNurture forms vehicle for listing on HK bourse

Manila, Philippines - Fruits and vegetable exporter Agri-Nurture Inc. (ANI) has formed a wholly-owned subsidiary to be used as the vehicle for its listing on the Hong Kong Stock Exchange as well as planned acquisitions overseas.

In a disclosure to the Philippine Stock Exchange, ANI said its board has authorized management to incorporate AgriNurture HK Holdings Ltd. to serve as the corporate vehicle for the acquisition of companies in Hong Kong, China, Australia, United States and Europe.

ANI’s board likewise approved steps to declare property dividends consisting of ANI’s shares of stock in The Big Chill (TBC) in the maximum amount of 10 percent of the latter’s total outstanding capital stock.

ANI shall also subscribe to shares of Greenergy Holdings Inc. worth P25 million. Greenenergy is the listed renewable energy firm of businessman Antonio Tiu.

Tiu earlier said it planned to list his holding firm Earthright Holdings Inc. on the Australian Securities Exchange this year.

ANI more than doubled its net income last year to P193.85 million due to the increase in the number of its domestic sales outlets and expansion overseas.

Revenues jumped 42.4 percent to P2.25 billion while operating profit grew two-fold to P320.61 million.

TBC, 51 percent owned by ANI, reported a gross income of P2.5 million on revenues of P68.7 million. Acquired in 2011, TBC is engaged in the business of selling beverages and food products under the brands Fresh Bar, C Verde and Canefusion.

ANI is one of the country’s largest traders, processors and producers of fresh agricultural products.

It started as a simple manufacturing and trading company of post-harvest facilities. In 2001, it shifted its business to exporting fresh fruits and processed juices.

 Six years later, the company acquired ownership of FCA, one of the country’s leading vegetable distributors.