Listed AgriNurture raises P320M from sale of shares

N. J. C. Morales
http://www.bworldonline.com/

AgriNurture, Inc., the only agriculture firm listed on the local bourse, will secure P320 million from foreign investors by selling shares, the firm said in a disclosure yesterday.

“Gem Global Yield Fund, Ltd. and Southern Field, Ltd. have subscribed [to] 9.3 million and 4.031 million primary common shares of AgriNurture, Inc. respectively, at P24.015 per share thereby infusing fresh capital to the company,” AgriNurture said.

In separate deals, AgriNurture said Southern Field, a Virgin Islands firm, would pay P96.824 million while United Kingdom-based investment firm Gem Global would pay P223.339 million.

AgriNurture, which has 300 million common shares, is set for an aggressive P2.5-billion expansion program -- P1.5 billion for increased vegetable production and P1 billion for hybrid rice production -- in the next three years.

In October, AgriNurture signed a deal for Gem Global to buy AgriNurture shares worth up to P500 million.

AgriNurture is in the business of farming, selling fresh fruits and vegetables, and producing canned, frozen and dried fruits and vegetables. The firm supplies SM Supermarkets and Hypermarkets with fruits and vegetables, and exports products to Thailand, Vietnam, Indonesia, China and Hong Kong. Read More...