ANI gains full control of Chinese trading firm

MANILA, Philippines — Listed agro-commercial firm Agrinurture Inc. (ANI) of businessman Antonio Tiu has consolidated its ownership of Zhongshan Fucang Trading Co. Ltd. after acquiring the remaining 30 percent stake of the company’s private stockholders.

ANI acquired the 30 percent capital stock and capital reserve of two directors of Fucang through a deed of assignment in favor of the firm, according to its disclosure to the Philippine Stock Exchange yesterday.

The acquisition involved 1.5 million shares of Fucang directors Li Zhi Ming and Liang Shung Ming priced at $1 each. The total amount of the transaction in consideration was P209.08 million.

The terms of payment were offset against existing advances made by the two directors in the firm.

“Fucang has already been 70 percent owned by ANI prior to this transaction,” the company said.

“By virtue of assignments of shares made by the private stockholders of Fucang to ANI, it now holds 100 percent ownership of its equity,” it added.

Fucang, which was established on May 31, 2023 in Zhongshan City, China, is engaged in various activities including the sale, import and export of goods and technologies.

ANI said it secured the ownership of the Chinese firm “in preparation for the divestment of asset under the same company.”

In 2016, ANI expanded its foothold in China after acquiring a majority stake in Fucang for over P300 million.