AgriNurture unit leases land

Posted on February 13, 2014

A SUBSIDIARY of AgriNurture, Inc. (ANI) has gained access to land in Davao del Norte to develop into a banana plantation, the listed agribusiness firm said in a disclosure on Feb. 11.

"AgriNurture, Inc. received confirmation that its wholly owned subsidiary, Best Choice Harvest Agricultural Corp., through the latter’s subsidiary, Tagum Resources Agri Industries, Inc., executed a contract of lease for long-term lease of a 2,943,254-square-meter parcel of land in Tagum City ... for purposes of developing and operating a banana plantation," AgriNurture said in its disclosure, without providing more details.

ANI, formerly known as Mabuhay 2000 Enterprises, Inc., was incorporated on Feb. 4, 1997 as an importer, trader and fabricator of post-harvest agricultural machinery, according to the company’s profile on the Philippine Stock Exchange Web site.

Starting 2001, ANI diversified into other various agri-commercial businesses, focusing on the export of fresh Philippine carabao mangoes as its main revenue source.

The company then progressed to producing export-quality processed foods using homegrown fruits. It also currently supplies customers in Hong Kong, Mainland China, the Middle East and some European markets with homegrown banana, pineapple and papaya.

ANI’s operations are divided among 15 direct and indirect subsidiaries in the farming, manufacturing, retail, as well as distribution and trading groups.

On Sept. 5, 2011, ANI acquired 51% of The Big Chill, Inc., which sells beverages and food products under the brands "Big Chill", "Fresh Bar", "C’Verde" and "Canefusion".

ANI conducts foreign operations via Cayman-Islands-incorporated AgriNurture HK Holdings Ltd., which in turn fully owns Australia-based Freshness First Pty. Ltd., Hong-Kong-based AgriNurture International Ltd., and Spain-based ANI AgriNurture Europe Sociedad Limitada.

ANI itself also has a 51% stake in Hong-Kong-based Sunshine Supplies International Company Ltd., while unit AgriNurture HK has a 51% stake in Joyful Fairy (BVI) Ltd.

ANI also entered into a master license agreement with Singaporean company Tully’s Coffee International Pte. Ltd. for the operation of coffee shop and sale of coffee products under the brand "Tully’s".

ANI profits slipped by 1.04% to P100.87 million as of September last year from P101.93 million in the same nine months in 2012. Revenues grew 17.73% to P2.768 billion from P2.351 billion, while operating expenses rose by a faster 25.61% to P419.416 million from P333.905 million.

ANI shares gained one centavo or 0.21% to close P4.81 apiece yesterday from P4.80 each on Tuesday.