LISTED agricultural firm AgriNurture, Inc. (ANI) has acquired 51% of information technology (IT) company Pay8, Inc. in efforts to serve farmers living in rural areas across the country.
In a disclosure to the stock exchange on Tuesday, the company said it had forged a memorandum of agreement with Hatchasia, Inc. and Pay8, Inc. for the acquisition of P377.91 million of the latter’s authorized capital stock.
ANI said the acquisition is part of its plan to complete the agricultural ecosystem it envisioned. Further, the company said the financial platform that will be introduced aims to reach the farmers in the “unserved” rural areas of the country.
“The valuation, among other standard matters, shall be subject to ANI’s conduct of due diligence before the execution of definitive agreements. Further, other matters such as the mode of acquisition shall be finalized after satisfactory outcome of due diligence,” the disclosure said.
According to the disclosure, Hatchasia Inc. is a major shareholder of Pay8, Inc. The two companies are engaged in information and technology that provide multiple systems of ad platforms to various industries. — Revin Mikhael D. Ochave
