AGRINURTURE, INC. is planning to expand into Australia, starting with the acquisition of an agribusiness company.
In a disclosure to the stock exchange on Thursday, the listed agribusiness firm said its board of directors gave the go signal for its acquisition of Australian firm Plentex Limited.
Plentex owns a subsidiary in the Philippines with interests in agricultural development. Plentex Philippines, Inc. is currently working on an integrated manufacturing plant for local crops and for the production of feedstock for a proposed aquafeed plant.
Meanwhile, Plentex’s Australian operations involves a large scale feed manufacturing plant in Victoria for the supply of premium aquatic and pet foods for both local and international demand.
Agrinurture said the company will expand its business operations in Australia through acquisition of existing companies.
At the same time, Agrinurture’s board of directors has approved the application for listing in foreign exchanges, as well as the creation of global depository receipts (GDR).
“The company intends to be listed in foreign exchange/s, and to create Global Depository Receipts, that are intended to raise additional working capital,” the company said.
GDRs are depository receipts issued in more than one country for shares in a foreign company.
Agrinurture is currently led by businessman Antonio L. Tiu.
Shares in Agrinurture gained 0.67% or 12 centavos to close at P18.10 at the stock exchange on Thursday. — A.B.Francia