AgriNurture raises P243M from sale of shares to Japanese firm
AgriNurture Inc., a listed agricultural firm owned by businessman Antonio Tiu, sold P242.83 million worth of shares to Goonies Co. Ltd. of Japan.
In a regulatory filing, AgriNurture said its board approved the issuance and listing of 22.78 million primary shares in favor of Goonies, a Japanese trading firm.
The shares will be issued upon execution of the subscription agreement this month.
AgriNurture said the transaction was intended to raise additional working capital and trim its payables.
Tiu, through AgriNurture, is exploring opportunities in Japan, which sources a number of off-season vegetables from the Philippines.
The company earlier increased its stake in Zongshan Fucang Trade Co. Ltd. to 51 percent, giving it a strong foothold in China.
Located in Zhongshan City, Guangdong province in China, Fucang is engaged in agriculture commodity trading and has various investments in rural real estate development and agriculture trading platform.
AgriNurture supplies fresh produce to the country’s largest retailers. It also owns popular fruit shake retailer The Big Chill.