AgriNurture to sell P500M worth of shares to China-based businessmen

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AGRINURTURE, Inc. (ANI) on Wednesday said it plans to sell over 27 million primary shares worth P500.60 million to two businessmen engaged in construction and real estate in China.

In a disclosure to the stock exchange, the listed agri-trading company said its board approved the issuance and listing of up to 21.53 million primary shares at P18.16 each to Chaohua Xia. Mr. Xia is the general manager of Jiangsu Lunyiang Construction Ltd. in Jiangsu, China.

ANI said another 6.030 million shares, priced at P18.16 each, will be issued to Jiecheng Li, a businessman engaged in property management in Guangzhou, China.

In a text message to BusinessWorld, ANI President, CEO and Chairman Antonio L. Tiu said the proceeds from the share issuance will be used for working capital, particularly for its rice importation business.

Last September, ANI signed a $1-billion exclusive deal with Vietnam Southern Food Corp. to import 2 million metric tons (MT) of rice to the Philippines.

ANI’s Mr. Tiu is also the president and CEO of another listed firm Philippine Infradev Holdings, Inc. (formerly known as IRC Properties, Inc.).

Infradev and its Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd., and China Harbour Engineering Company Ltd. were awarded the original proponent status for the construction and development of $3.7-billion Makati subway project.

Meanwhile, ANI said its board of directors has approved the amendment of its terms and conditions on stock rights offering where every existing shareholder of five shares will be entitled to one stock rights share, with the offer price of P1.

ANI reported a P21.37-million net income attributable to the parent during the first nine months of 2018, 40% up from P15.3 million a year ago. This was driven by a 113% rise in consolidated sale of goods to P1.55 billion during the January to September period. — Reicelene Joy N. Ignacio