ANI completes acquisition of Aussie firm
MANILA, Philippines — AgriNurture Inc. (ANI), the listed agro-commercial company of businessman Antonio Tiu, has completed its acquisition of Australian company Freshness First Pty Ltd.
The acquisition efforts for Freshness First began in late 2018, when ANI made a deposit amounting to P6.35 million to acquire the existing business operation in Australia.
In 2021, the group made additional deposit amounting to P20.82 million.
As of end last year, ANI’s deposit amounted to P27.82 million.
With the acquisition completed and legal documents finalized, Freshness First now becomes a fully-owned subsidiary of ANI.
Freshness First is engaged in the business of trading of fresh and processed fruits and vegetables in the state of Queensland.
It operates under its 100 percent owned and controlled subsidiaries BSK Pty Ltd., which does business under the brand “Field Cuisine”, and Michsul Pty Ltd., which does business under the brand “Bou Samra Fruits & Vegetables” servicing major institutional clients across the state.
ANI said despite the challenges brought by the COVID-19 pandemic and a major Brisbane flood during early 2022, Freshness First managed to steer toward recovery, posting A$12.8 million in annual revenues as of July 2023, slightly higher than the same period last year.
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