AGRINURTURE, Inc. said its board has approved the acquisition of 2% of China’s Zongshan Fucang Trade Co. Ltd, taking its holding in the Guangdong company to a majority stake.
In a regulatory filing on Tuesday, Agrinurture said it signed an agreement with Liang Shunming, who owns 41% of the registered capital of Zongshan Fucang, to acquire 2% of the Chinese commodity trader for 4.09 million yuan.
In October, Agrinurture acquired 49% of Zongshan Fucang for 42.63 million yuan.
The acquisition is expected to expand Agrinurture’s business and establish new networks in China.
Agrinurture supplies bananas, pineapple and papaya to customers in Greater China. — Janina C. Lim
