AGRINURTURE, Inc. (ANI) has lowered the number of shares to be offered in its stock rights offering.

The listed company said in a regulatory filing on Monday that its board of directors, on Aug. 19, reduced the number of shares to be offered to 288,000,027, down from 307,309,635 previously.

“The change is due to the re-computation of the number of shares which are eligible to participate in the stock rights offering,” ANI said.

The company also disclosed that its board “confirmed the authority to conduct a stock rights offering of common shares to all eligible shareholders of the company at [an] offer price of P1 per share.”

An existing shareholder owning 2.5 shares will be entitled to one stock rights share.

ANI said the rights issue “is intended to provide additional working capital to support the growth and strategic initiatives of the corporation’s core businesses.” The company’s management will finalize the specific allocation of the proceeds for review and approval of the board, it said.

For the first half of the year, ANI’s net profit declined to P122.07 million from P356.99 million it had in 2020. In contrast, the company’s net revenue increased 29% to P2.31 billion.

Based on its website, ANI is an agro-commercial firm that has business interests in the export and trading of organic products such as vegetables, fruits, and grains.

On Monday, shares of ANI at the stock exchange dropped 0.33% or two centavos to close at P6.03 per share. — Revin Mikhael D. Ochave