ANTONIO L. TIU-led AgriNurture, Inc. (ANI) announced that it had received a “Medium Green” rating from an international research and rating agency for its planned 75-million euro green bonds.
The listed agricultural firm said in a statement on Monday that the rating given by Cicero Shades of Green is for “projects and solutions that represent steps toward the long-term vision.”
ANI seeks to issue up to 75 million euros of green bonds with a maturity of up to seven years.
Proceeds from the green bonds will be allocated to ANI’s agricultural project expansion related to climate change adaptation and reduced environmental footprint, and for the improvement of production and trade of organic produce.
“ANI has previously secured the authority to issue the long-term green bonds as well as the issuance of commercial papers, with terms and conditions to be recommended by management and to be approved by the Board of Directors,” the statement said.
According to ANI, the rating showed that it has strong governance procedures and ambitions to further improve.
Some of the company’s targets include being climate neutral by 2030 and other initiatives on renewable energy and organic farming, all of which are part of its commitment to be a top sustainable producer of organic agricultural food products.
ANI said Cicero Shades of Green provides independent evaluations on green bond investment plans to determine their environmental strength. Its ratings also give investors a view of the environmental quality of green bonds.
Current and upcoming projects of ANI include organic farming, renewable energy, energy efficiency, environmentally sustainable management of living natural resources and land use, clean transportation, and digital agriculture.
Brands under ANI include Big Chill, Tully’s, Cheesecake Etc., and Fit Bites. The company exports its products to countries in Asia, Middle East, Europe, and North America.
On Monday, shares of ANI at the stock exchange rose 1.14% or eight centavos to end at P7.08 each. — Revin Mikhael D. Ochave